Don’t make it like the mafia

There are a few who have risen to prominence. Some have done really well. However, in most cases I see either drama or never–ending mediocrity.

So, don’t do business with your family.

Sure if it’s your cousin it might work well. But with your spouse or parent, let alone your siblings?

I know there are many cultures where ‘joining the family business’ is the thing to do, and I personally know leaders of billon dollar companies who have joined the family enterprise.

This works best after an extended period working in other companies. That way it’s neither pure obligation or righteousness.

The problem with husband and wife teams is that you just never get any time off. In all too many cases it eventually wears down the relationship—both the business relationship and the marital one. There’s just no fresh air. Some manage to pull it off with great success, but they’re few and far in between.

See instead if you can involve your family in other ways. As advisers, perhaps as investors, but most often just as a helping hand when you need one.