5 Serious Questions to Ask Yourself Before Partnering With Family Members

Question #1: Do you have the same goal/vision?

You don’t have to be completely alike. Actually, it’s probably better if you’re not. You don’t even have to work in similar ways. But you do need to share the same values and have a similar vision of where you want to take your business and how you will get there. This is a deal breaker, so I would start here.

Question #2: Do you amplify each other?

What makes a marriage thrive is this: Does this person amplify you, and you them? This means that not only do you complete each other’s weaknesses, but you amplify each other’s strengths. A business partnership is very much like a marriage, and this, in my mind, is one of the foundational pieces for success.

Question #3: Do you respect each other?

You must  respect for each other, since as business partners, you will be spending a lot of time together.

Question #4: Do you have an open and honest relationship?

Being in business with each other brings in a whole new subject that may be taboo in many families: - money. Are you and your potential family member partner (spouses included) willing to open up and be transparent about all your financial details, issues included? This openness and honesty should be one of your basic guiding premises, not only when it comes to money.

Question #5: Can you both bring value to the table?

Before partnering with anyone, not just family members, a great question to ask yourself is: What can I bring to them that is of value? If both parties think this way, it sets the stage for a win-win situation with focus on giving instead of getting. 

2 Things Every Partnership Should Include

If these things check out and you decide to venture into a partnership, I recommend:

A Written Contract

A contract removes any grey areas should something, against all odds, happen—and not only between you and your partner. If something happens to either of you, this will help your family deal with your business in your absence. I would warmly recommend including spouses in the process to make sure they are on board as well. Even though they may not be actively involved in the business, they are still an important part of a successful partnership and business.

A Written Business Plan

Every party should agree upon this plan, and remember to include an exit strategy. This is a pretty obvious one, but lately I’ve been surprised by how often businesses fail to have a proper written plan.