Will you ever be in business????

@BYOLA2871 (4373)
South Africa
December 8, 2008 9:41am CST
There have been businesses that started as partnerships between friends or as family buisinesses.Some have survived with tremendous success while some have failed woefully. Now if you are considering starting a business will you ever consider going into business with members of your extended family or friends considering the various bottlenecks that may arise along the way?
3 responses
@nilzerous1 (2435)
• India
10 Dec 08
We are planning to initiate a business from the coming year - we are all good friends and we work independently. But now we believe we need to get more organized. So the business idea flashed in our mind for the past few months. Hopefully, it'll see the daylight by the next year. Cheers.
@BYOLA2871 (4373)
• South Africa
12 Dec 08
i wish you the very best but please make sure you have a well and clearly written out agreement by a lawyer that states each person"s responsiibility and duties within the company ,to avoid future troubles,money is usually a source of enemity amongst friends
• India
12 Dec 08
Thanks for this input - this is really valuable. I'll comply with your suggestion.
@savak03 (6693)
• United States
10 Dec 08
It's true that going into business with your family or a friend can, at times, strain the relationship. However, these strains can be minimized by some careful planning. Anytime you are going into business with someone you need to sit down and talk it over carefully. Don't just assume because it is someone close to you that you will always see things the same way. Make sure you have worked out all the details between you and put them on paper which you both should sign. A signed contract does much to prevent any misunderstandings from arising. It is the misunderstandings that allow a business venture to ruin a friendship which will in turn cause the business to fail.
@BYOLA2871 (4373)
• South Africa
12 Dec 08
you have a very good idea about what am talking about in this post and i appreciate the response you gave i once did otherwise and believe me it was a big mess i made up my mind that even if am going into business with my father it must be well and clearly writtten out and signed
@tutul0045 (2630)
• India
8 Dec 08
Hi, Iam in business for more than 4 years now. Its a fmaily business and yea plenty to learn from. Iam in copnstruction field. Cheers, Tutul
@BYOLA2871 (4373)
• South Africa
12 Dec 08
that was my main area befiore i decded to go on my own,in this kibnd of business it is easier than when you are into wholesales or retailing there is always friction amongts family members unless they are the main family ie wife ,husband and children,where it is extended problem may arise