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Old 30 April 2018, 10:06 PM   #31
superdog
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Go for the beer, tell him you ain’t got it.
Then make sure they pay for the beer, you will get a priceless reaction.
ha. yeah, this is perfect.
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Old 30 April 2018, 10:38 PM   #32
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Several times over the years. Although my position is simple.

I don’t do business with close friends or family. It’s one rule that I have always had - and always will.


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This 100%, NEVER with family and friends.
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Old 1 May 2018, 01:02 AM   #33
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That is the absolute best idea ever !!!!!!
You are my Hero
I second this, always a firm straight no is best, one cannot use family and money in same sentence unless it's a write off
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Old 1 May 2018, 11:40 AM   #34
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I’m in the camp that you make your bed and lie in it. I don’t do business with family and friends and have lost some along the way because I didn’t buy into their neediness or ventures. Some seem to feel my money is their money. Sorry, but I’m not accountable for your poor decisions. Charity is one thing, and I have no qualms about helping those in need but enabling continued bad choices and decisions is not my role.
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Old 2 May 2018, 06:17 AM   #35
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Quote:
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This 100%, NEVER with family and friends.
Quote:
Originally Posted by waQstar View Post
I second this, always a firm straight no is best, one cannot use family and money in same sentence unless it's a write off
Quote:
Originally Posted by Old Geezer View Post
I’m in the camp that you make your bed and lie in it. I don’t do business with family and friends and have lost some along the way because I didn’t buy into their neediness or ventures. Some seem to feel my money is their money. Sorry, but I’m not accountable for your poor decisions. Charity is one thing, and I have no qualms about helping those in need but enabling continued bad choices and decisions is not my role.

Excellent thoughts all around!!

I’ve got my dependents as my primary concern, (My kids and Rolex, in no particular order )
I’m dedicated to putting my cash where it will do the most good!

One of the issues that was an irritant to me was being taken for a rube.
I was born at night, but it wasn’t last night
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Old 2 May 2018, 11:25 AM   #36
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I'm a bit late to this party, but I think you did the right thing by (mostly) keeping your mouth shut.

I always operate by my Grandfather's unwritten rule: no discussion of business between family members, unless someone needs advice on an issue.
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Old 2 May 2018, 12:08 PM   #37
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You just reminded of a situation from years ago where a cousin and her new husband took my wife and I out to dinner, at which we got hit with a request to co-sign for the mortgage on a new house. Of course, we declined, but I remember that my cousin was talking loudly enough that several tables around us knew what was being discussed, and being observed while I delivered the news.

One of the more uncomfortable experiences I have had. But "No" is always a reasonable response.
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Old 2 May 2018, 01:06 PM   #38
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No is always a great answer. It’s amazing that some people don’t mind asking for ridiculous things. My best friend and business partner are always being hassled by another friend for investments and ideas of the month. I’ve always just been honest and said I have other business and family commitments I need to tend to at the moment.
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Old 2 May 2018, 01:20 PM   #39
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No is always a great answer. It’s amazing that some people don’t mind asking for ridiculous things. My best friend and business partner are always being hassled by another friend for investments and ideas of the month. I’ve always just been honest and said I have other business and family commitments I need to tend to at the moment.

Do you mind me asking were you best friends before you went into business together or did that friendship develop after becoming business partners?

With a lot of comments on never doing business with friends or relatives I was just curious how it worked out for you following your comment and whether you were best friends first.
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Old 2 May 2018, 01:35 PM   #40
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You just reminded of a situation from years ago where a cousin and her new husband took my wife and I out to dinner, at which we got hit with a request to co-sign for the mortgage on a new house. Of course, we declined, but I remember that my cousin was talking loudly enough that several tables around us knew what was being discussed, and being observed while I delivered the news.

One of the more uncomfortable experiences I have had. But "No" is always a reasonable response.
Ouch I got a bit uncomfortable just reading that

I have never and will never put my credit on the line for someone else. I'm sorry but it takes a long time to build and no time at all to destroy.
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Old 2 May 2018, 10:59 PM   #41
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I've had friends/acquaintances offer to meet with me to discuss a great business opportunity a dozen times or more in my lifetime. It's always Amway or some other multi-level marketing scheme. I politely decline.
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Old 3 May 2018, 12:31 AM   #42
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I know people say that working with family should be avoided, but I work with family and all is well. I am the third generation in a business my grandfather started aver 40 years ago. My grandfather, grandmother, and dad all work here.

We have also employed several aunt, uncles, and cousins through the years.
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Old 3 May 2018, 01:57 AM   #43
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I know people say that working with family should be avoided, but I work with family and all is well. I am the third generation in a business my grandfather started aver 40 years ago. My grandfather, grandmother, and dad all work here.

We have also employed several aunt, uncles, and cousins through the years.
We have a family business too

No homicides...........yet.
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Old 3 May 2018, 02:20 AM   #44
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We have a family business too

No homicides...........yet.
Family business here as well.

All the nightmares you hear, happened here.

I am the only one left, but I still call it a family business.

My COO is my best friend. We have known each other since we were 6. We worked weekend together growing up.

I came in full time before he did. At the beginning, we were so small that there was little differentiation in roles. As we started to grow, things changed.

Once we clearly set roles and expectations, things fell into place. We work super together. It just takes proper communication and mutual respect.

We don't always get along. We have had blow-ups and conflict. But those are minimal. Mostly we get along great.
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Old 3 May 2018, 03:14 AM   #45
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Do you mind me asking were you best friends before you went into business together or did that friendship develop after becoming business partners?

With a lot of comments on never doing business with friends or relatives I was just curious how it worked out for you following your comment and whether you were best friends first.
Yes and No. We’ve been best friends since high school, and actually started a business (long since sold) back in high school together. He’s probably the only friend I would do business with, and it’s still working out great today. Probably got into business together before anyone learns not to do business with friends. I guess I’ve gotten lucky. It does seem like a terrible idea to do business with friends and relatives though.
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Old 3 May 2018, 03:25 AM   #46
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i would never invest in a closely held business of a family member at any point unless i had security or didnt care of the result. if it were a really really great idea i would help raise capital from accredited investors as well.
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Old 3 May 2018, 03:37 AM   #47
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If you have a fantastic business idea, you won't need to ask for money... folks would be clambering to give you their money.

Regardless, asking for a handout in any situation is poor form.
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Old 3 May 2018, 03:50 AM   #48
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Yeah that works up until the New Platona on your wrist appears


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I didn’t buy that Platona. It was collateral on a business loan to someone else. What do you have for collateral cuz?
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Old 3 May 2018, 04:23 AM   #49
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I didn’t buy that Platona. It was collateral on a business loan to someone else. What do you have for collateral cuz?


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Old 3 May 2018, 04:35 AM   #50
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I didn’t buy that Platona. It was collateral on a business loan to someone else. What do you have for collateral cuz?

Gullible Cousin?


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Old 3 May 2018, 05:12 AM   #51
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Several times over the years. Although my position is simple.

I don’t do business with close friends or family. It’s one rule that I have always had - and always will.
100000000000000000000% agree.

Did i forget to mention 100000000000000000000%
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Old 3 May 2018, 11:00 AM   #52
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100000000000000000000% agree.



Did i forget to mention 100000000000000000000%





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