Running a business with a Sibling
- Thread starter cherry123
- Start date
It is unusual for siblings to co-own a business or two. Maybe not for all. Siblings can easily make arguments when it comes to money matter. But when you deal with a friend or casual acquaintance, one could save that conflict.
Sometimes, when issue arises, there will be much conflict. But if siblings have good relationship - sibling relationships and working relationships it would not be a problem.
In my opinion, there is no problem doing business with anyone, including siblings or parents. The important thing is that there is an agreement on duties and authorities, profit sharing, the amount of capital that must be deposited, etc., must be in writing.
Yes, I agree. There should not be any issue if we have good understanding with the siblings or at least good relationship.
- Thread starter
- #10
That's my fear so that you don't start having conflict within the family
If you and your sibling have a great connection, I think it's okay to go into business together. However, it falls flat for certain people. They have issues with finances and other things.
- Thread starter
- #13
Oh well then it does depends on the kind of siblings one has.
It is not a bad idea provided that your relationship with your siblings is good and there is a mutual understanding.
It depends on the level of trust you have for that your siblings. If by your observation and insight, you discover that you can trust your sibling. Why not? You go ahead and build your business with him. For me, i don't trust my siblings. I know from their precedent, they are money mongers.
We know of family that established a partnership company. Through mutual understanding among them, the business flourishes. You can start a business with your sibling if there is understanding between you.