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Post Info TOPIC: Dear Harriette: I Don't Want to Go into Business with my Brother
Lady Gaga Snerd


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Dear Harriette: I Don't Want to Go into Business with my Brother
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DEAR HARRIETTE: My brother asked me to go into business with him on an idea he has had for a long time. I love my brother so much and want to support him, but I don't really think his idea is sound. He has shown me the numbers on how much it will cost to build it out and when it is expected to be profitable. Honestly, they don't seem realistic. I am not a businessman, but my gut says this not a good idea for me to be part of. I have limited resources, and I can't afford to lose five figures in order to support my brother. He is so mad that I am probably not going to do it. When I told him, he stormed off. What can I do to help him understand that I support him, but I cannot be his partner at this time? -- Brother Biz, Chicago

DEAR BROTHER BIZ: One way you may be able to help your brother is to get someone with financial know-how to review the business plan that he has put forth. Get a professional to give input on how viable this project seems, and share that with your brother. If it seems sound, tell him -- even if you choose not to be part of it anyhow. If it seems unstable, make sure you let him know that as well.

Remind your brother that you love and respect him and that this doesn't change based upon your going into business with him -- at least not for you.

 

http://www.uexpress.com/sense-and-sensitivity/2015/2/5/reader-cant-help-brother-in-business



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DemoniaD


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So you tell him, "I support you, but I cannot be your partner at this time." And then move on. You cannot control his reaction. Just because brother didn't handle the news well doesn't mean he doesn't understand where you are coming from. He was likely just excited to be pulling the trigger on the idea, and hadn't thought about you saying no. He was caught off guard and acted immaturely. He will come around, and if he doesn't good riddance to him.

No need to get a second opinion on a business plan you don't plan on taking part it.

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ed11563


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I wouldn't want to be partners with someone who has tantrums.

Brother should have EXPECTED to hear "no" at first, and been prepared to win her over, over time.

 

50% of new businesses fail in the first year (90% of restaurants), and 90% fail within two years.

If his business plan is sound, he should find out what his bank will say.



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JPT


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Entering into a business with a partner is dicey, even if they are both enthusiastic. Family business is an oxymoron of tremendous proportion. I have seen/experienced it firsthand.

The sibling here must realize that the problem is not with him, but his brother's expectation that whatever he desires must be accomplished. Demonia is right on the mark when she said it's not his place to get a second opinion. He doesn't have the investment capital (or he doesn't wish to put his assets into a venture that he doesn't see as profitable, and therefore at risk)

When a business partnership goes bad, it can destroy a family relationship as well. Trust me, it happened to DH and DS1. DH and I are in business together, and we work very hard to keep our business separate from our personal lives.



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burns07


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well, have the opposite problem--have had to deflect numerous offers from parents / siblings / in-laws to set my lady and I up with a dealership of our own--we're in a rather capital-intense business so are talking some serious jack to play--but we don't want to play with them precisely because we value them as FAMILY--has pissed a few of them off pretty badly--oh well

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Lady Gaga Snerd


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Yeah, the fact that he is having a tantrum over it is the screaming red flag that the LW is doing the right thing!

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