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.
1 user(s) are reading this topic
0 members, 1 guests, 0 anonymous users
At just 37 years of age, with two young sons, Vicki was diagnosed with inflammatory breast cancer. Now her family wants all women to know the symptoms.
Pregnancy and birth is an intriguing process no matter where you are in the world. One soon-to-be father gleans wisdom from a new guide.
It’s not surprising that IVF is often seen as a negative journey towards the ultimate positive, but having a glass-half-full approach can make a big difference to the experience.
A mum explains why she and her husband are choosing to gift their leftover embryos to help strangers achieve their dream of parenthood.
Just as every baby is unique, so is every pregnancy. And that means morning sickness can vary a lot, too.
Why is it that the word ‘mumsy’ has connotations of such a negative nature – but seems to be the only other option apart from ‘yummy’?
As the waiting game of late pregnancy continues, this mum considers a few things that might hurry things up a little.
It has been a little over a month since William Tyrell disappeared from his grandmother's home, 33 long sleepless nights for his family as they mourn the absence of their cheeky young boy.
Babies born in the summer are much more likely to suffer from mood swings when they grow up, while those born in the winter are less likely to become irritable adults, scientists claim.
Suddenly single with a baby and an 11-year-old son, Tara O?Connell developed an app to improve the lives of mothers who were similarly overwhelmed.
As soon as your baby enters the world, everything else takes a back seat - even the necessities of daily life such as eating are severely compromised, right when you need energy the most.
The Live Lighter campaign will take people inside the human body to show the internal dangers of being overweight.
A new mum's first month of motherhood didn't pan out as expected when she lost a family member weeks after her baby's birth.
Facebook and Apple are hoping to provide women with the freedom to build their careers without the added pressure of having children at or by a certain age.
The idea of making a 'pregnancy contract' with your partner may sound a bit silly at first, but it can help make the transition to parenthood a lot smoother.
Burping babies vs burpees – yes, new mums and personal trainers live in different worlds. But they can work together - once you find the right match for you and your lifestyle.
Police say that an incident in which a man pulled on a woman?s pram while walking a popular Sydney route late last month was a misunderstanding.
Three weeks ago, my auntie, a midwife, developed a fever. Sitting here in Sydney basked in Australian sunshine, that shouldn't be big news.
One mum shares her frightening experience and vows to never take her health for granted again.
Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.
I am five years into this parenting gig and I’ve learnt that sleepless nights and changing dirty nappies are child’s play.
Capture life more easily with the Canon Powershot D30. Shockproof, waterproof and dustproof, you can take it almost anywhere and shoot beautiful images, time after time. Enter now!
It's nice to celebrate a child making the shift from nappies to 'big kid' undies, but do we really need a semi-realistic used toilet cake to do it? Here are some of the best and worst cakes parents have used at 'potty parties' around the world.
Plan ahead - and do it now - to ensure festive season expenses don't break the bank.
A sequel is coming soon to the 2011 hit book 'Go the F*** to Sleep' - and this time, it's about mealtimes.
Handmade crafts to decorate and personalise your child's next birthday - from banners to cake decorations, we've got gorgeous party finds from Etsy.
Creative and practical storage ideas for the kids' toys and books can also add some stylish decor to your home. Visit babyology.com.au for more stylish modern finds for hip kids & parents.
Kate Hudson, 22, was on a dream European holiday with friends. She didn't realise she was about to become a mum.
Maybe the mum I saw in that waiting room, seemingly disconnected from her baby, doesn’t have the support she needs.
Starting a family doesn't always mean moving into a bigger house - not yet, anyway.
What's in a name?
Looking for a classic name, or an unusual name? Our Baby Name Finder is for you, search or browse to refine your shortlist.