1 / 12

Business with Family: Smart Move or Total Headache?

Starting a business with family? Sounds cozy, right? Until money, leadership, and old sibling rivalries show up.<br><br>Before you shake hands at the dinner table, ask yourself:<br>- Are they reliable or just great at ideas?<br>- Do you both see the same future for the business?<br>- Can you separate work drama from family BBQs?<br>- Whou2019s the bossu2014without triggering World War III?<br>- Have you figured out the financials (without awkward u201cyou owe meu201d moments)?<br><br>Letu2019s make sure your family venture is a success not a Thanksgiving horror story. Dive in now!

evangoodman570
Download Presentation

Business with Family: Smart Move or Total Headache?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Should You Do a Joint Venture with a Family Member? Key Considerations Before Partnering in Business

  2. Starting a business with a family member can be exciting but comes with challenges. Before diving in, consider these key questions to ensure a smooth partnership

  3. Is the Family Member a Talker or a Doer? Does your family member take action or just talk big ideas? Business success requires execution, not just vision.

  4. Do You Share the Same Vision? Where do you see the business in 5, 10 years? Misaligned goals can lead to conflicts.

  5. Can You Set Personal & Professional Boundaries? Work disagreements should not affect family relationships. Define clear roles and expectations.

  6. Who Takes the Leadership Role? Will leadership be equal or will one person take charge? Define decision-making responsibilities early.

  7. Discuss Financials Before You Start How much will each partner invest? What happens if one partner wants out?

  8. Unresolved Family Issues Can Hurt the Business Past disagreements can impact business decisions. Resolve any existing family conflicts first.

  9. Do You Value Each Other’s Skills? Recognize and respect each other’s strengths. Delegate tasks based on expertise.

  10. Have You Worked Together Before? Past collaborations reveal strengths and weaknesses. Learn from previous experiences before committing.

  11. A joint venture with family can be successful if 01 You set clear expectations. 02 Define roles & responsibilities. 03 Respect each other’s strengths. 04 Address financial & leadership concerns upfront

  12. Thanks for Reading!

More Related