‘Why a Family Business Might Be Right for You’ by Adrian Newman
Adrian Newman’s latest é-Wealth Daily’ article is titled “Why a Family Business Might Be Right for You”. [‘e-Wealth Daily’Article]
Adrian Newman’s latest ‘e-Wealth Daily’ article:
Why a Family Business Might Be Right for You
Recently, my father and I started a new corporation to rent some condo properties. Since he’s been out of the real estate business, he’s always felt the need to at least dip his toe in the “rental market pool” and I was always looking for good investments.
And, of course, the side benefit is that we each only had to put up half the money to purchase the condo.
If you’re having trouble obtaining the proper financing you need to start your own business, then maybe the answer is right underneath your roof.
Family businesses can be very successful. And I’m not talking about the kind you see on “The Sopranos,” either. I’m talking about small businesses that are built from the ground up by a group of family members.
Getting financing for a business can be a difficult task for many entrepreneurs. By turning your sole proprietorship into a family business, you could get the money you need and find success with people you respect and trust.
Before you approach your family members, you need to figure out if you can work with them. When you’re determining who might be best suited in your family to do business with, think about who you feel would make a good partner. Someone you are honest with, someone who is trustworthy and reliable, and/or someone who knows the industry you’re getting into will be your best choice.
Approach your family member as if he or she were a lender. Be professional and have your business plan ready. Be prepared to discuss why your business idea will succeed and how you are going to make it happen. Discuss the financial aspects of the business and what you will need from them if they choose to get involved.
Your relative might want to be a full partner, or perhaps just a silent partner or investor. It is up to the both of you to determine what partnership will work best. You will also need to figure out if you want this person to work with you or if you simply need them to invest their money in your business. If it’s the latter, then make their level of involvement clear.
Another benefit to having a family business is that you are in it with people that you trust. A partnership will fail without trust and honesty, so it’s a huge benefit to know that you don’t have to watch every penny your family members are spending. If you are suspicious of a business partner, even if they are family, then it will destroy your business.
If you have found a family member who is interested in your business, then make sure that you are upfront with all of the risks involved with your particular business idea. If you deceive the other person, you’ll only end up starting out on the wrong foot.
Make sure that your family members know exactly what they are getting into. And, most importantly, make sure that you draw the line between your business and your personal relationships. If, for example, you and your sibling decide to open a furniture store, then make sure that you aren’t bickering all the time as siblings often do.
Before you even ink the deal, take the time to discuss what each of your responsibilities will be and where the line is between family and business dealings. If you are putting your sibling in charge of marketing, then you should trust him or her to get it done.
A family business can be a great way to make money and enjoy success with individuals you want to see succeed. Just make sure that you choose the right family members and you that approach this deal as you would any other — with professionalism and goodwill.
About e-Wealth Daily
The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.
* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.
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