Working with family and friends can create a sense of comfort and familiarity which can be a good thing, but it can also cause a business to suffer, so what are the pros and cons of working with family and friends in business? Michele, for example, discusses how working with her husband is somewhat of a challenge because of how her personal relationship with him is a bit different from her professional relationship with him.

When it comes to working with family and friends, we argue that working with a partner is different from working with a friend. Working with a friend can be trickier because not everyone is able to compartmentalize, but it doesn’t have to be a problem either way. Be sure to hold each other accountable and to communicate.

We hope that this episode is helpful for you and generates some helpful thoughts about working with family and/or friends, especially if it’s something you’re considering or are struggling with. Please reach out to us via one of the methods listed below, and subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!

Time Stamps

[1:10] - The topic today is the pros and cons of working with family and friends in business.

[4:32] - Karamel points to a Forbes article about working with family and friends.

[6:45] - Michele’s husband is now part owner but operates in employee capacity.

[8:30] - What does prosperity mean to Karamel?

[9:33] - Michele brings up the difference between an entrepreneur and an employee.

[11:06] - Michele loves having her husband be part of the business.

[13:58] - Michele explains why she made use of a joint calendar.

[16:39] - Working with a partner is different than working with a friend.

[19:37] - Michele talks about being able to relate to someone in the appropriate way.

[21:12] - Don’t leave the relationship undefined.

[22:30] - Michele argues that you need to hold each other accountable.

[23:11] - Karamel argues that you need to make sure information is interpreted correctly.

[24:09] - A Medium article points out that not all friends work well together.

[28:12] - Karamel shares a funny story about her husband.

 

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Forbes - “6 Tips For Working With Family And Friends”

Medium - “Is Working with Friends & Family a Good Idea?”