Hello, I'm looking to go into business with a family member of mine, and I want to see if anyone has any experiences , good or bad.

Thanks in advance

@op
what is your relationship with the person, why are u doing business with the person, btw,doing biz with close friends and relatives doesn't bring reasonable result most of the time from my experience. It s better u do business with people you can fire if need be and do not also do business with people you re emotionally attached to.

seun0622: @op
what is your relationship with the person, why are u doing business with the person, btw,doing biz with close friends and relatives doesn't bring reasonable result most of the time from my experience. It s better u do business with people you can fire if need be and do not also do business with people you re emotionally attached to.

My cousin, we get along well, he has offered to help me out with the business because its being started in Nigeria but I don't live there unlike him (i do visit a lot) so he could maintain it.

From personal experience and lessons learnt from other people who have done biz with their close relatives especially those that are not in Nigeria like you, the story hasn't been encouraging most of the time. The mere fact that you get along doesnt guarantee proper management of the business. Believe me ,people change when money and big money is involved. If you insist he manages the business for you, what monitoring mechanism have you adopted ? Is he experienced in that line of business? Can u fire him if he mis-manages the business? If he decides to leave the business, do u have contingency plans. If you can answer all these questions in the affirmative, then maybe he s the right guy.
Regards.

seun0622: From personal experience and lessons learnt from other people who have done biz with their close relatives especially those that are not in Nigeria like you, the story hasn't been encouraging most of the time. The mere fact that you get along doesnt guarantee proper management of the business. Believe me ,people change when money and big money is involved. If you insist he manages the business for you, what monitoring mechanism have you adopted ? Is he experienced in that line of business? Can u fire him if he mis-manages the business? If he decides to leave the business, do u have contingency plans. If you can answer all these questions in the affirmative, then maybe he s the right guy.
Regards.

You're right, I guess I'll think about it a lot more.
Thank you!