FAMILY, FRIENDS & BUSINESS

Family, Friends & Business image

Everyone handles life and relationships differently. People are going to find a way to earn money regardless. Some people will say that you shouldn’t do business with family and friends. Other people will say look for funding to start a business by going to family and friends first. Therefore should you do business with family and friends? 
 
Growing up with a parent or parents who owns a business gives a child a different perspective on the world and life. If the parent’s business is successful then life tends to be different. A child might go on business trips to see and hear things most people don’t. Let’s just say I got a lesson from my parent about opening my mouth at the wrong time. Thanks for the lesson and first hand experience in running a business.
 

Bloomingdale's_Friends&Family_Sept2016

A child of a business owner is lucky if they don’t have to apply for a summer job working at someone else’s business. They can work the family business and learn more than they would working at a place where they’re just another employee. I think a child should be exposed to both as a learning lesson. Because one day the child might inherit a business that will provide for their family. I call that passing on the wealth, knowledge and connections to the next generation. 
 
Some children will want to pursue other dreams. Maybe start their own business, become president, a lawyer, a doctor or something else. To bring this full circle about working with family and friends, it can be done. Many business that we know of today was started by family and friends. Bechtel, Mars, SC Johnson & Son, Kohler, Wegmans, Perdue, Koch, Belk, Enterprise Holdings are just to name a few successfully family started business that you might know. I’m pretty sure that many of the family’s friends have gotten jobs working their family business.
 

Tip:

  1. Respect comes first.
  2. Do you job regardless who is in charge.
  3. There is a time and place for everything.
  4. People will try to get over even family and friends.
  5. A true friend is a friend regardless of money or business.
  6. Setting ground rules are important; every job has rules to follow.
  7. You shouldn’t do business with some people regardless if they are family, friends or strangers.
  8. If you hire a friend or family member you must be also willing to fire them if they don’t do the job they were hired todo.
 

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