It’s easy to decide to go into business with family, but it’s much harder to get out of it when things don’t work out.
Know your roles Before you venture into the business world, everything needs to be set up properly. Business can’t run solely on passion—you also need to understand certain legalities. It’s important, as business partners, to have a legal contracts. You can’t just suddenly shift roles in the middle of the operation. Establish the areas both of you are willing to focus on by identifying each other’s strengths and weaknesses.
Put pride aside Perhaps the most dreaded reason why lots of people don’t want to engage in business with family is the disagreements that might put years worth of relationship in jeopardy. Conflicts are just sitting around the corner. And aren’t those inevitable, even necessary?