Good day Nairalanders
I specifically created a new account to seek for your opinion here
I will like to invest a sum of money for my brother, he's into barbing and he's very good. So he approached me about a vacant space which we can acquire and equipped to a good taste.

I will like to seek for your advice if the barbing salon is set up in my name, how do I deal with the renumeration, should I place him on monthly salary or I give him percentage of what is made at the end of the month after removing expenditure.

Note: He is very loyal and hardworking

Since he is loyal brother' use ur name to set up the business and after all expenses e.g fuel and vice versa you share 50-50 with him or you collect 60% and give him 40%! Mind u after the expenses...... But it is ur choice...

izonborn098:
Since it is loyal brother' use ur name to set up the business and after all expenses e.g fuel and vice versa you share 50-50 with him or you collect 60% and give him 40%! Mind u after the expenses...... But it ur choice...

Thanks brother
I'm thinking of percentage too, but not 50/50 since I will still be the one that will maintain the shop and other things

All suggestions and advice are greatly valued. I'm managing myself too, due to high volatility of my own type of business (forex) that's why I decided to invest in physical business.
The location we found will surely boost the business and I will have another stream of income. I will surely come up with an agreement

Thanks for all your suggestions

T

Firstly, I believe you're doing very well in your chosen field

Secondly, this is your brother's idea, so why not invest in him once and for all and know that you're doing that for humanity than you still wanting another channel to earn from him since you said his a loyal person, so i believe he'll forever remain grateful to you...

Thirdly, it'd have been better if you're into this business before him saying there is a space someone...

my 2cent thou

Okay

Sheggzy007:
Good day Nairalanders
I specifically created a new account to seek for your opinion here
I will like to invest a sum of money for my brother, he's into barbing and he's very good. So he approached me about a vacant space which we can acquire and equipped to a good taste.

I will like to seek for your advice if the barbing salon is set up in my name, how do I deal with the renumeration, should I place him on monthly salary or I give him percentage of what is made at the end of the month after removing expenditure.

Note: He is very loyal and hardworking

invest any amount u can afford to lose cos if he run u street u no go fit do anything

G

Sheggzy007:
Good day Nairalanders
I specifically created a new account to seek for your opinion here
I will like to invest a sum of money for my brother, he's into barbing and he's very good. So he approached me about a vacant space which we can acquire and equipped to a good taste.

I will like to seek for your advice if the barbing salon is set up in my name, how do I deal with the renumeration, should I place him on monthly salary or I give him percentage of what is made at the end of the month after removing expenditure.

Note: He is very loyal and hardworking

Invest it in your name. Share the profit 50/50.
NOTE: Lol loyalty and money? You're very funny bro! Make sure you prepare agreement that both of you will sign. Forget blood and emotion when it comes to family business. I know what i am saying. Forget the "not all family are the same". E go shock you. Any family member with genuine intention in a family business will himself/herself suggest a signed agreement.

I have someone who is looking for someone that will do the same. He's ready to invest a sum of money into a barbing salon but he's looking for experienced barber and a very loyal God fearing person that will manage it and they share profit 50/50 too. If you're in, chat me up for his requirements.

Just follow your church mind......

Do it in his name and leave it for him if you have the grace to do that. If not, let him know how much you spent in setting up the place, let him then tell you what the repayment plan will be.

It's not everything you bring online.

If you have the money assist him with the basic things he will need.
Forget the money.
Invest in your bro guy.
No be everything be profit.

Draw up a contract for him.. let him sign agreement on repayment means.
You can make it very flexible and easy on him, but he should repay in full.

I've Run my own Barbing saloon before I put workers in it to manage and they ran the business to the ground.

The lessons I've learnt are many. One of which is that no one can handle your business like you can. You can't really tell your brother's motivation towards the business so here's what I'll advise.

Pay for the shop and furnish it well. Then ask him to pay you a certain amount of money every month. Could be 30,40 or 50k depending on your own close observation as to what you think the shop might be producing. This will encourage him to work hard to meet up to your pay and make enough for himself as well.
This is just what I think. You might have better ideas

Just do it for him if you have the money and you can let go.
Make he see am as settlement.

Hmmm

I swear to God it will end in wahala, I love the part where you said he is loyal, you don’t judge people’s loyalty when money is not involved, let the business start yet, you go see his true color ✌️💯

Lol ... If you're well to do yourself, you don't need to set your Brother up in your name or expect returns from him monthly while you pay him off. Why not just set him up once and for all and focus on your own means of livelihood... Of course if he's a sensible person, he will definitely show you gratitude for the gesture later on ( You already said he's a loyal person).

Just fix him up and let him be and make sure your parents are aware if it too. Their Blessings will be with you... Well, except if he's not your Blood Brother sha or You yourself isn't well to do, that's when you will reason this way... Because if he's truly your Blood brother and you're doing well yourself, that thought you're nursing in your mind portrays you as a Stingy Person.

Well thats My thought anyways, maybe cos of the kinda family I come from and Siblings I have...

vincenteger:
It's not everything you bring online.

If you have the money assist him with the basic things he will need.
Forget the money.
Invest in your bro guy.
No be everything be profit.

flokii:
Draw up a contract for him.. let him sign agreement on repayment means.
You can make it very flexible and easy on him, but he should repay in full.

Wittyness

This sharing thing go bring quarrel and resentment in future.

Just close eyes and set him up. Forget how much you will get in return. Just tell him he will be responsible for the shop and all maintenance cost.

Let him become a man by taking 100% responsibility and if he fails, he will dare not come to disturb you again.

vincenteger:
It's not everything you bring online.

If you have the money assist him with the basic things he will need.
Forget the money.
Invest in your bro guy.
No be everything be profit.

If tables were turned, will the said brother invest in the poster?
Let him help his brother set up the business, but the guy should settle him later on.

Sheggzy007:
Good day Nairalanders
I specifically created a new account to seek for your opinion here
I will like to invest a sum of money for my brother, he's into barbing and he's very good. So he approached me about a vacant space which we can acquire and equipped to a good taste.

I will like to seek for your advice if the barbing salon is set up in my name, how do I deal with the renumeration, should I place him on monthly salary or I give him percentage of what is made at the end of the month after removing expenditure.

Note: He is very loyal and hardworking

Set him up, he will be grateful. Is he too young to manage the business? Or do you have an agreement that you will be the one managing the finance, the main center of focus?

Don't micro-manage him because you helped or helping him.

vincenteger:
It's not everything you bring online.

If you have the money assist him with the basic things he will need.
Forget the money.
Invest in your bro guy.
No be everything be profit.

Thank you so much.

D

Depends on what you want to do. If you see it as an investment and at the same time want to help your brother, see your brother as an employee (like a CEO) put in charge of the business.
No matter what you do, please ensure to draft an agreement and put it in writing.

You can sow the whole venture into his life. Ose!

Yuop