Running a business with a family member without conflict

[Augusta]

I'm thinking of running my building materials business with my closet cousin but I don't want us having issues because of this. What are the initial steps to take so that we can understand one another?. I don't want to start what I can't finish

 

[Xtynehappy]

For me l don't trust my family members that's why l can't engage in making business deals with them.

 

[Starmix]

Trust your potential. Hire only a partner after seeing your business growth and requires expansion. In my small business, I hire my younger sister and there's no conflict We're close.

 

[Fidelia]

I would tell you nothing but the truth. What you are about to start, you won't be able to finish. If it is possible now, walk away from such a business proposal.

 

[SHAHID987]

Every individual could have their own views and experience, in my view, if the close relative is expert in that field then one can think, but if starting business with him because he is just a close relative then it will results in some unwanted severe consequences.

 

[Augusta]

I would tell you nothing but the truth. What you are about to start, you won't be able to finish. If it is possible now, walk away from such a business proposal.

My point exactly I don't want to start what I can't finish. Family crisis must times run for ages and I don't want such friction in the family

 

[eLdavis]

For this to work, both parties needs to try and understand each other, and one thing you should understand is that there would definitely arise conflicts, cause there are times where both of you might be having different ideas and the likes. It depends on the character of your cousin though, if it's someone you can work with.

 

[Augusta]

For this to work, both parties needs to try and understand each other, and one thing you should understand is that there would definitely arise conflicts, cause there are times where both of you might be having different ideas and the likes. It depends on the character of your cousin though, if it's someone you can work with.

Well, I believe he is someone I can work with that's why I'm even considering it.

 

[eLdavis]

Well, I believe he is someone I can work with that's why I'm even considering it.

Then there is no problem, or you could try working with him for some time to see if you can truly work with him or not.

 

[King Belieal]

I would advise you to define everything in an agreement. No gentleman agreement with this kind of situation. Make everything documented and signed. Define decision making process, define finance contributions and profit sharing. Just ensure that everything is defined before you start.

 

[freelancermaria]

If your cousin is knowledgeable about running a business, partnering with them could be a good decision. However, it's important to consider their management style and approach. Take some time to evaluate the advantages and disadvantages of starting a business with a relative. Are you prepared to handle any challenges that may arise? It's essential to weigh all the factors before making a final decision.

 

[Augusta]

Then there is no problem, or you could try working with him for some time to see if you can truly work with him or not.

Will be taking things gradually with the Person. No need rushing things

 

[Stardom22]

The very key points to consider there to avoid conflicts with your relative on the business is to ensure that there is total transparency on the running of the business activities. Every aspect should be made clear and know to both of you to maintain the smooth running of the business.

 

[Augusta]

The very key points to consider there to avoid conflicts with your relative on the business is to ensure that there is total transparency on the running of the business activities. Every aspect should be made clear and know to both of you to maintain the smooth running of the business.

I agree with you we just have to be open with everyone. This is just the way we can have equity with our dealings

 

[Starmix]

It is normal to have conflict. We are not perfect, however, we have to avoid it if we can. Resolve a conflict peacefully as much as possible.

 

[Augusta]

It is normal to have conflict. We are not perfect, however, we have to avoid it if we can. Resolve a conflict peacefully as much as possible.

Yesh sometimes we can't just afford not to have a little conflict here and there but even if it happens it is good to address it peacefully

 

[Starmix]

Yesh sometimes we can't just afford not to have a little conflict here and there but even if it happens it is good to address it peacefully

That is true, in fact, we have a conflict woth my sister being the cashier of my business but I just calm down and answer her in a calm voice to avoid escalating the trouble which is about money.