Family & Friends

Post image for Turning Over Your Business to Blood (Relations, That Is)

Transitioning a business is never easy under the best of circumstances; having a family succession plan is even thornier.After all, you are entrusting your life’s work to people who, years ago, may have (1) stolen your boyfriend (or favorite party dress or Johnny Mathis album), (2) crashed the station wagon while carousing after a high […]

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Post image for Ancient Chinese Secret? The Key to Family Business Longevity

Thanksgiving is a day of gratitude, an opportunity to be with family. So on this family day, it’s somewhat fitting to have this post about family businesses. If you are, or have any inclination to be, in business with a family member, there is a secret to ensuring its success. Some firms have been family-owned […]

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Ever been hit up to invest in a friend’s or family member’s business? Is it wise to do so—given that you know them so well? What steps should you take when asked to invest (or lend money for) a loved one’s business? Tune in to Wall Street Journal Radio, where I sit down with Veronica […]

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Thoriso Mashego writes: Every internet marketer who is married has come across this problem:  How to convince their wife or husband that they are not wasting money, but investing it for the family by building a home-based business or internet business. And that got me thinking.  Whatever your business, the support of spouse, life partner, significant […]

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It gives me the heebie-jeebies when I hear, “I went into business with So-and-Such because he/she is my best friend and really gets me.”  Not that it can’t work out, or that I’m trying to give them the evil eye.  But I’ve seen all too often how the desire for camaraderie and support quickly turns […]

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Marisa sat at the dimly-lit bar, a chilled glass of Chardonnay in front of her. She drank deeply. It had been a rough day. She needed a break. Her business partner, Alejandro, had made a mess of things again. Failed to meet his promised sales targets. “Was too busy” to send out responses to RFPs. […]

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Family.  You can’t live with them; can’t live without them; most assuredly, want to pull your hair out working with them (sometimes). Family businesses are delicate creatures, and as James Lea (via Marian Banker’s blog) points out, trying to effect positive change takes honesty, courage, and willingness–characteristics often in short supply. I briefly worked with […]

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What if your partner is also your . . . partner? The Memphis Daily News on Correale Builders & Realtors in Germantown, Tennessee.  Not an unusual business, but for the fact that the business owners are both married to the job . . . and married to each other.  As the Correales admitted: . . . […]

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Post image for Basic Training: Does Divorce Litigation Affect a Business Partnership?

It’s said that more than 40 percent of all marriages in this country end in divorce.  So there’s a not-insubstantial likelihood that your business could be affected by divorce . . . even if you’re not the one divorcing.  Here’s today’s query: Q:  My partner’s ex-wife is suing him for a large amount. Can it […]

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People often view a marital prenup like having a bucket of ice-cold water dumped on your head. Small business owners are no different. When they look to form business partnerships, the thought of negotiating a business partnership agreement can be too chilling to contemplate. Problem is, when you start working together without working out the […]

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