Jump to content

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


  • Please log in to reply
9 replies to this topic

#1 Lifesnasty

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 IShallWearMidnight

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.




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

Postnatal depression and the feelings that scare us most

"I was shocked and horrified that I'd had this thought. That's not me."

A toddler’s step-by-step guide to avoiding bedtime

How many of these tactics does your toddler employ at bedtime?

Melbourne - get your FREE tickets!

Register now for your free ticket (valued at $20) for the Melbourne Essential Baby & Toddler Show, presented by Blackmores.

The great toddler chase: every pregnant mum's nightmare

This is the funniest photo ever. We've all been there!

Would you do this to your baby in a carseat?

One mum looked that fear in the face and shared how important it is to think about adjusting the straps on our kids' car seats.

The secret to fitness after having a baby

It turns out that taking a more flexible approach might be the best way to make it happen.

Frustrated mum's genius plan to stop dinner time battles

Hands up who is sick and tired of cooking dinner for their kids every night only to have them complain about what's on their plate.

Photo shoot captures the dirty work of parenting

What do you do when you want a sweet maternity shoot but it just won't stop raining?

Could this simple thing help you avoid the 'baby blues'?

Researchers are now looking at whether the nutrients you ingest after giving birth can help reduce your likelihood of developing the baby blues.

We face more judgement than our mums did, study finds

We're judged more than our mums were - science says so.

As a mum, it's hard to ask for help. And that needs to change

Yesterday was a bad day for me. I started feeling ill a couple of days ago but battled on, as we do.

Why I don't care about your gender reveal

So you're having a baby? That's great, babies are awesome.

Dad's simple baby soothing hack

When this dad's baby wouldn't stop crying he took matters into his own hands. He also recorded what he did to let other people in on the simple hack and now it's going viral.

Husband gives birth after his wife was unable to fall pregnant

After his wife struggled to conceive, transgender man Chris Rehs-Dupin decided to give it a go.

10 things I thought about motherhood before I actually became a mum

Everyone is a parenting expert until they have kids – right?

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

From our network

Win 1 of 10 awesome Peppa Pig prize packs

Who loves Peppa? We have 10 packs to give away - including family passes to see the brand new movie, in cinemas March 16!

Essential Baby & Toddler Show, presented by Blackmores

28th - 30th April, 2017, Melbourne Royal Exhibition Building, Carlton. Get your FREE ticket now. Save $20.

 

Free ticket offer

Essential Baby & Toddler Show, presented by Blackmores

28th - 30th April, 2017, Melbourne Royal Exhibition Building, Carlton. Get your FREE ticket now. Save $20.

 
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.