It’s Just Business: How Not To “Blur The Lines” When Dealing In Business With Family And Friends

There are quite a few people who stand firm in the belief that one should not do business at all with family and friends. This is not necessarily a bad belief…however, sometimes doing business with family and friends can be quite beneficial to your business or organization. You MUST know how not to “blur the lines”, since success is ultimately your end goal.

1. Have The Discussion. Set up a meeting, get an idea of their goals, get a clear understanding of what their intentions are with your organization, solidify what your role will be, and determine if (first and foremost) their goals and ideas are in line with what your business represents. The discussion must take place before anything, because at the basic conversation level, you will be able to determine if this is even worth your time.
2. Create A Contract, Outlining EVERYTHING. If at the discussion phase you determine that their project is not a fit for your organization, this “step 2” is null and void. However, if after your discussion you determine that you want to proceed, your contract must cross all “T’s” and dot all “I’s”. Also, included in your contract (as with any contract), there needs to be a clause that indicates what will happen if there is a default (by either party) on the mutually agreed upon expectations. Unfortunately, people will look for loopholes, and your loved ones are not exempt from this possibility. Business is business
3. Always Hold Yourself Accountable. We are very familiar with our family and friends, and there is the potential of “dropping the ball”, or getting too comfortable; it happens to the best of us. As with any project that you decide to take on, keep up your end of the bargain. We often take for granted that the people closest to us will be more forgiving than a person that we hardly know, and that may be the case…but we still want to treat them with the same respect we give new business. They are coming to you because they value what you bring to other organizations, they are looking to support your business, they genuinely believe in your products and services, and they trust you. Building trust in business is essential to the success of your business. Work as hard for them as you would with anyone else!

I personally follow one simple rule, one of my own rules, in business: it doesn’t matter how good a person is at what they do; if there is an absence of integrity, expect not to be in business much longer. Your business is not something that you should take lightly, and making sure that you are responsible in your business dealings will only make you a reputable person. We are in business to grow, right? So it’s safe to say that your focus should always be on doing what’s right, in order for your brand to continue to blossom! Remember: the best compliment that anyone can give is the one that refers someone else your way!