Never go into business with a family member right?
Here is my scenario. My brother inlaw was born without working kidneys, was on dialysis for most his life. His own body was rejecting his kidneys and needed them removed. He almost died under the knife. 3 years ago he received a kidney and is doing fine today but because of his younger years his bones are real brittle and is now instructed by his doctor that he MUST walk with a cane, no running, no sports, etc. Golf maybe. I usually take him around the course in a cart and we have a good time.
Now, my wife has seen what she considers success from my online endeavors. I see it has just warming up but she sees it as contributing strongly to our family finances. With that said, her brother which I mentioned above, was told by his doctor that he will be limited to the jobs he can get due to his physical condition.
She has literally approached me and asked if I would like to start an online business where I could either hire or share equity in a business with him. I am very open to ideas and new things but I told her it was definitely a possibility and that he may not even want to. So I told her I would contact him about it and see what he thought. The idea for him to work at a computer is exciting as it would allow him to earn a living without having to exert unneeded physical energy that could harm him.
Of course, everyone knows that going into business for these reasons alone is not really a wise idea. But I do value family and relationships over money. For this alone I may NOT want to go into business with him. But here are some reasons as to possibly why I may (or could):
1) He may not live very long. We don't discuss this but it's a possibility. He is 18 years old now and very intelligent but you are usually up for one kidney transplant. Once you use that one up it's over. To be able to help influence the value of his life by showing him ways to earn a decent (normal) living and giving is something I look forward to doing.
2) He is very intelligent for his age. He is mature and knows a lot about the computer. He already has a lot of the skills needed. The one drawback he has is networking but that could be my responsibility where he did more 'hands on'.
3) This would make more than just me and him happy, but it would make others in the family happy. Happiness in the family is my #1 priority. To be able to help him earn a living would be a great honor.
4) I was looking to start a family business. This may be my opportunity to act and not just think about.
5) There would be no initial capital to invest. Usually they say DO NOT start a business with a family member if there are things to lose besides your time. Right now it would only be our time. The business I was thinking of getting into would have no start up cost.
If I decided to do this I would need an out. If things didn't go well or we didn't earn money within a specific time then we would need an out.
Anyone else like to chime in? Thanks.
Here is my scenario. My brother inlaw was born without working kidneys, was on dialysis for most his life. His own body was rejecting his kidneys and needed them removed. He almost died under the knife. 3 years ago he received a kidney and is doing fine today but because of his younger years his bones are real brittle and is now instructed by his doctor that he MUST walk with a cane, no running, no sports, etc. Golf maybe. I usually take him around the course in a cart and we have a good time.
Now, my wife has seen what she considers success from my online endeavors. I see it has just warming up but she sees it as contributing strongly to our family finances. With that said, her brother which I mentioned above, was told by his doctor that he will be limited to the jobs he can get due to his physical condition.
She has literally approached me and asked if I would like to start an online business where I could either hire or share equity in a business with him. I am very open to ideas and new things but I told her it was definitely a possibility and that he may not even want to. So I told her I would contact him about it and see what he thought. The idea for him to work at a computer is exciting as it would allow him to earn a living without having to exert unneeded physical energy that could harm him.
Of course, everyone knows that going into business for these reasons alone is not really a wise idea. But I do value family and relationships over money. For this alone I may NOT want to go into business with him. But here are some reasons as to possibly why I may (or could):
1) He may not live very long. We don't discuss this but it's a possibility. He is 18 years old now and very intelligent but you are usually up for one kidney transplant. Once you use that one up it's over. To be able to help influence the value of his life by showing him ways to earn a decent (normal) living and giving is something I look forward to doing.
2) He is very intelligent for his age. He is mature and knows a lot about the computer. He already has a lot of the skills needed. The one drawback he has is networking but that could be my responsibility where he did more 'hands on'.
3) This would make more than just me and him happy, but it would make others in the family happy. Happiness in the family is my #1 priority. To be able to help him earn a living would be a great honor.
4) I was looking to start a family business. This may be my opportunity to act and not just think about.
5) There would be no initial capital to invest. Usually they say DO NOT start a business with a family member if there are things to lose besides your time. Right now it would only be our time. The business I was thinking of getting into would have no start up cost.
If I decided to do this I would need an out. If things didn't go well or we didn't earn money within a specific time then we would need an out.
Anyone else like to chime in? Thanks.
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