Question: Working with family members: yes or no, and why?
Yes: You Can Be Compeletely Honest With Each Other
"My twin brother is my partner in my oldest company, and it's great because we can be honest with one another, and I trust him significantly more than I've trusted partners in the past. It also just so happens that our skill sets are completely opposite and complementary. If you can share a womb, you can share a business! "
Yes: It's Less Expensive Than Using Consultants
"My immediate family members each work in the marketing, entertainment and retail industries, which is the complete opposite of my area of expertise (finance). They were able to give me constructive criticism when I ventured into their major areas of expertise, and their advice and help has allowed me to grow the business without having to pay for an expensive consultant. "
Yes: They Are the Most Loyal
"We actually have 10 family members that work with us, and they are very loyal and always watch our backs. Although, I will say it is very important to define roles and boundaries with family immediately. They do tend to push the limits of what is acceptable if rules are not clearly defined."
Yes: There Are Fewer Trust Issues
"We love hiring family at our companies. The upside is that you know you don't have to worry about trust issues. Having that out of the way is a huge plus. However, you must make it clear that business is business. This means not taking things personally and accepting criticism just as you would from any other co-worker. "
No: The Risk of Losing The Relationship Is too Great
"While I love my family, starting a business is a risky proposition. While it's nice to think about the upside of your family getting rich, I prefer to think about hedging risk. The downside of losing money -- and possibly a friend if there is contention -- is too great to ignore."
No: People Are Different at Home and at Work
"The people you know and love in the family room can be polar opposites of themselves when they're sitting in a conference room. People sometimes act differently in the workplace, and you might not like what you see or hear. If you value your family relationships, be prepared to experience another side of your family that you haven't seen. Depending on the person, this could be a good or bad thing."
No: How You Get Along Personally and Professionally Might Be Different
"My wife has been my business partner at my startup for the past four years. I've been lucky enough to find a wonderful partner in her, both personally and professionally. However, I never advise working with family. It's too risky. Getting along with a family member personally is no indication of how you work together professionally. Money and business can damage your relationship. It's not worth it."
Yes: Family Will Stick With You Through Good and Bad
"Family is the strongest bond that you will ever make in your life. Friends may come and go at their own convenience, but family will stick through the good and the bad, which naturally make good business partnerships. However, you need to set clear expectations up front to ensure that each family member involved understands what's expected of him or her."