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Friends and Family May Not Be Great Business Partners

We all want to include close family members and friends in our business ventures.  They may be down on their luck but that does not mean you have to help them with your dream.  Let's face it, some family members and friends are better where they are - not in your business.

Here is the checklist to consider before involving them:

  1. Integrity.  Are they trustworthy?  Can you trust them with the checks?  Will they stay out of trouble and do whatever it takes to keep a clean professional record?  How are they performing in their current role?  Do people have a lot of confidence in their loyalty?
  2. Work Ethic.  Are they hard workers?  Will you have to carry the load of completing task?  Will they be an asset because they will happily experience sleepless nights with you or in place of you?  Will they put other things first before meeting the deadlines of the company?
  3. Passion.  Do you share the same passion?  The passion cannot be owning a successful business.  That is not a passion.  The passion has to be similar to another.  Are you forcing them to believe in your dream when they have their own interests that don't involve the basis of your business?  If this is true, their commitment will be short-lived.
Be very honest with yourself and your family members and friends before launching a business.  If you continue down this route, be sure to put a contract in place.

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