A new report has revealed that most Brits would avoid going into business with a family member.
The majority (53%) of respondents in the YouGov poll said they would rather not mix family and business life, with 64% saying it would be too complicated. A further 13% said they would worry about arguing with their loved ones over the business.
Of those who said they would go into business with a family member, 70% said they would do so because they could trust their family completely. Others said they knew they would be able to resolve any arguments and there would be less formality involved.
Jeremy Shulman, chairman of commercial solicitor Shulmans says: “No matter how well one gets on with one’s relatives, a major disagreement over something to do with a business may well occur; people once certain they all agreed on every issue suddenly find they have very different ideas on a deal, or the direction of business growth and expansion.”
He continued: “This is why family must treat going into business with one another as exactly that; a business decision reached objectively and not as an extension of their family life.”
Have you gone into business with a family member, or would you consider it? Leave us a comment to let us know your thoughts.