MERITS OF STARTING BUSINESS WITH FAMILY

merits of starting business with family

A common interpretation of  ‘work-life balance’ is that working and enjoying your life should be mutually exclusive. That’s why founders are often advised to avoid starting business with friends and family — that business could turn those relationships awry.

Though it’s true that burning bridges with those you love and respect is a risk that comes with starting a business together, friends and family bring value that no other partners can. And in that sense, they sometimes can be the best people to start companies with. 

Merits of starting company with friends and family.

1. Trust is a given

When it comes to hiring and firing, delegating roles, growth strategy, and other important aspects of building a successful company, trust between co-founders is pivotal. Without it, unnecessary conflicts ensue, and they distract from what really matters. Nothing more important in a business partnership than trust and who can you trust more than family?

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You can’t do it all alone. You have to trust those that you work with which are both willing and able to get the job done, and when working with family, that trust is a given.

2. It makes communication more efficient

When founders get into conflicts with one another, it’s often due to some kind of misalignment of values or an outright misunderstanding.

When you decide to work together with friends and family. At least some of these misunderstandings can be avoided altogether simply because you know one another on a much deeper level.

Understanding the commitment and encouraging each other to thrive. Both acknowledge each other better at certain things and work together to make an effective team. That kind of trust allows for communication to flow more swiftly and accurately.” 

When executive communication is seamless, it sets an excellent example from the top down. And especially in a company’s earliest days, effective communication without drawn-out hurdles allows it to move much quicker.

3. Your values are closely aligned

One of the biggest time sinks, when there are multiple partners in a company, is having drastically different values. Of course, discussions around those values aren’t a waste of time, but when co-founders share inherent values, it’s a huge leg up. 

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When co-founders agree on fundamental values for their company, that level of mutual understanding makes formulating strategy and company direction a far more straightforward and powerful process.

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