Jump to content

Mixing business and family?
Do/would you do it?


  • Please log in to reply
9 replies to this topic

#1 LifesGood

Posted 17 December 2012 - 07:17 PM

What do you think of it? Yay or nay?

Examples:
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.


#2 mumandboys

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.




#3 *Lib*

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.

#4 *CalamityJane*

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.

#5 ~ky~

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!

#6 Feralishous

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

#7 lozoodle

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.

#8 Chchgirl

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!

#9 Unatheowl

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.

#10 Holidayromp

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

 

How I learnt to relax about routines

After many routine-led, tough years, we've realised that being parenting isn't about being perfect. It isn't about following a schedule to a T.

Should you have a third child or not?

I thought our family had been complete with our two boys. I had no idea how much I needed my daughter until she was here.

Helping a toddler embrace an adopted sibling

A single parent by choice, I am preparing to adopt a second baby from Morocco. And I face a special challenge.

When pregnancy messes with your self-esteem

Pregnancy doesn't make all women feel beautiful. It certainly doesn't raise every woman's self-esteem.

Join us in The BIG nappy change

Introducing the new Coles Little Explorer Nappies! You can confidently rely on Coles Little Explorer nappies at each stage of your child's growth, so take the Big Nappy Change and try new Coles Little Explorer nappies for yourself!

Robbie Williams live tweets wife's labour

And the award for most patient woman in labour goes to ... Robbie Williams' wife, Ayda Field.

Vaccine ignorance is deadly and contagious

In the absence of credible, strong political leadership, paranoia about disease can go viral.

Parenting differently based on birth order

All children have unique personalities, but keeping birth order in mind could help when parenting.

How to get rid of the mum guilt

Motherhood and guilt seem to go hand in hand, but there are ways to focus

Paid parental leave scheme grinds to a halt

The future of Prime Minister Tony Abbott's paid parental leave scheme appears to be up in the air, despite the fact it is due to begin in less than nine months.

The devastation of foetal alcohol spectrum disorders

No one's sure how many Australians are affected by foetal alcohol spectrum disorders, but the consequences for those who are can be devastating.

The pros and cons of finding out the sex of your unborn baby

It’s often one of the biggest choices parents make during the course of their pregnancy; to find out, or not to find out, the sex of their baby before it’s born.

Toddler's awesome dress up month

Two-year-old Willow and her photographer mum, Gina Lee, made October "Dress Up Willow Month". She posted photos of Willow's costumes on her Instagram account, and her creative takes on popular culture are simply adorable.

Childhood around the world

It can be easy to assume our ideas around childhood are universal, but they are particular to where we live, as these practices show.

Best picks for baby and toddler shoes

Here's a great selection of footwear from pre-walker to walker ensuring comfort and style for growing feet.

I lost my wife and daughters to Ebola - then it came for my son

Sunday, September 21, is a day I will never forget.

The 'yucky' illness that took over my life

I have a chronic illness nobody likes to discuss. It involves toilet talk, and probably caused my miscarriage. But it needs to be talked about.

Prenatal testing: the facts

Prenatal testing is done to check if a baby has certain medical conditions before birth. Here is some important information about what the tests are for and the risks involved.

5 things to do with your baby?s old clothes

Did you think your only option for your baby?s old clothes was to pack them away or give them to the Salvos? Think again.

Why it's possible to not realise you're pregnant until the baby arrives

After hearing about 'surprise babies' born to mums who didn't know they were pregnant, it's common to ask "how did she not realise?" But experts say it's entirely possible for it to happen.

'My miracle is finally here'

How has the world continued on its pace when mine has been altered so drastically?

Dairy can help older women fall pregnant: study

Ice cream may be the ultimate comfort food, but a study suggests it could also help older women to have children.

Megan Gale goes topless for 'sexiest people' cover

Six months after a heavily pregnant Megan Gale posed nude for Marie Claire, the glowing new mum has gone topless for the cover of another magazine.

A new perspective on life from living with two diseases

A mother shares her personal story about the difficulty of living with two conditions, one of which stops her from being able to see her daughter's face.

Warning about Children's Panadol dosage

The Therapeutic Goods Administration has issued a safety advisory warning parents about confusion when using the dosing syringe supplied with Children's Panadol.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Take 'The Coles Big Nappy Change' Challenge

You could become part of our Test Drive team and win one of 200 packs of Coles Little Explorer Nappies as part of our 5-day challenge.

Win 1 of 5 Canon Powershot D30 cameras

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!

16 parenting truths you won't find in the baby books

I am five years into this parenting gig and I’ve learnt that sleepless nights and changing dirty nappies are child’s play.

Best and worst potty party cakes

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.

7 tips for a financially festive Christmas

Plan ahead - and do it now - to ensure festive season expenses don't break the bank.

'Go the F*** to Sleep' author's new book for frustrated parents

A sequel is coming soon to the 2011 hit book 'Go the F*** to Sleep' - and this time, it's about mealtimes.

Great birthday party buys from Etsy

Handmade crafts to decorate and personalise your child's next birthday - from banners to cake decorations, we've got gorgeous party finds from Etsy.

Join us in The BIG nappy change

Introducing the new Coles Little Explorer Nappies! You can confidently rely on Coles Little Explorer nappies at each stage of your child's growth, so take the Big Nappy Change and try new Coles Little Explorer nappies for yourself!

Creative storage ideas for the kids' rooms

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.

Weird trend

Couple has five babies in 14 months

Julie and David Grygla weren't sure they'd ever have kids - but their dreams have now well and truly come true.

To the mum in the doctor's waiting room

Maybe the mum I saw in that waiting room, seemingly disconnected from her baby, doesn’t have the support she needs.

10 space-saving nursery ideas

Starting a family doesn't always mean moving into a bigger house - not yet, anyway.

 

What's in a name?

Baby Names

Looking for a classic name, or an unusual name? Our Baby Name Finder is for you, search or browse to refine your shortlist.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.