Ep. 5 - Working With Family and Friends: When Business Gets Personal
Manage episode 516560387 series 3693357
Ever wondered if you should go into business with your best friend or family member? Aaron and Alex Skinner get brutally honest about the messy reality of mixing business with personal relationships. From dealing with underperforming relatives to firing a friend who's stealing, they share hard-earned lessons from managing family businesses and working with friends. Learn when shared trust becomes a liability, how to set clear expectations before things go sideways, and why you need to ask yourself: "Am I willing to lose this friendship over this business?" Plus, they answer listener questions about handling theft and managing demanding stakeholders. Raw, practical advice for anyone considering—or already stuck in—a business partnership with people they care about.
What You'll Learn:- The double-edged sword of built-in trust with family and friends
- How to set clear roles, responsibilities, and metrics from day one
- Why you need everything in writing (no handshake deals!)
- The importance of being willing to have uncomfortable conversations
- How to identify if someone actually has marketable skills or just talks a lot
- When to fire a family member or friend (and how to do it)
- Managing expectations and avoiding resentment in partnerships
- The critical question: Are you okay losing this relationship if the business fails?
- How to handle demanding stakeholders without burning out your team
- Real examples of what works (and what spectacularly doesn't) in family businesses
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6 episodes