Mixing business and family?
Do/would you do it?
, Dec 17 2012 07:17 PM
9 replies to this topic
Posted 17 December 2012 - 07:17 PM
What do you think of it? Yay or nay?
Using family or their friends/connections to:
- do work on your house
- purchase an investment with
- work for/with/hire
- obtain financial services/advice/investment advice
- etc etc etc
What have your own experiences been?
Edited by LifesGood, 17 December 2012 - 07:17 PM.
Posted 17 December 2012 - 07:31 PM
I do alot of those things! Some examples:
. I'm self-employed - I employ my sister, my mum, my brother-in-law, and occasionally my husband.
. have self-managed super with my husband, his brother and wife
. Husband's brother is doing our rennovation for us
I think it depends on your relationships. I'm quite concerned about the upcoming rennovation, but everything else has worked out fine.
Posted 17 December 2012 - 07:42 PM
I work in our family business. Its tough.
My husband employed my uncle and one of my workmates husbands.....and he's finding it tough to get them to do what he wants because he's not comfortable telling them to kick it into gear.
Posted 17 December 2012 - 07:49 PM
We considered a business arrangement with the ILs (buying their share of a business from them). It went bad before we'd even signed on the dotted line. I'm glad it went bad when it did and not after we were in up to our neck in it. DH is still pretty bitter about it 2 years later, and FIL is not happy with how it turned out but at least we are still on speaking terms.
Posted 18 December 2012 - 12:31 AM
DH worked for BIL. Never again!
He was taken for granted, paid whenever BIL felt like it and pay was witheld if BIL took offense to something DH said. It ended up causing strife and financial problems for us.
He offered me a job earlier this year. Needless to say, that although the money would have been fantastic, I turned it down!
Posted 18 December 2012 - 01:22 AM
depends on the people involved.
we recently bought my sister an apartment, which worked out financially for us, but I wouldnt usually be involved financially with family
Posted 18 December 2012 - 06:51 AM
The building company who have done our renovations (and are still doing them as I type this!) are a family friend of DPs.
But we pay them just like anyone else would, no special treatment or anything. Its taking a looooooong time too as he fits us in around other jobs to try and keep our costs down without actually giving us a huge discount if that makes sense.
Posted 18 December 2012 - 06:51 AM
I get on well with both sides of the family, but I would never employ any of them. None are skilled to do work on my house or work for me anyway, but I still wouldn't, I have seen others have fallouts with family members over tiny disagreements.
My mother always advised not to mix business, money and family!
Posted 18 December 2012 - 07:20 AM
I have done all of the above! The only time it went bad was whena friend did a favour and did our Plumbing in a unit we were renovating. When we cam back after a week or so he had left water leaking which ran under the entire floating floor which had to be replaced ate his expense. Awkward.
I think it generally does work though provided you are all clear on your expectations and roles and any contingency plans are well articulated.
Posted 18 December 2012 - 07:28 AM
DON'T DO IT.
It is a very small minority that it works for.
We are still paying for our mistake of working with family four years on. We are stuck in a massive hole and slowly digging our way out of it. We had alot to lose when we did it. The ones that had the least to loose benefitted out of it.
It has divided the family and has done irrepairable damage to relationships. Things will never be the same again.
Basically MIL set us up for a massive fall to the point we almost lost everything to save her own a*se.
Run as far away from it as you can. Also irrespective of whether they are family or not partnerships go sour as well. You are better off going it alone. If you don't have the capital save it. Don't risk your lives, your financial future and relationships for the sake of making money as it rarely works.
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