What Should You Ask Yourself Before Diving Into Business with a Family Member

Julia and Daniela Ferreira discuss the decision to go into business with a family member.

Julia: So some questions to ask yourself before diving into business with a family member would be, does this family member have the same time to spend on this business as you? Do they have the same values? Can this family member separate business from family? Daniela: That’s very important. Julia: And also make sure that you can both respect each other, always, family or not family. To make sure that we were both on the same page, especially with me being in university and my aunt being a mom-preneur, we set realistic goals, we said where do we want this company to go? And it was basically, I’m coming out of university, I’m really going to want this baby to grow forever, hopefully, and for her, she’s always wanted something to do, with the business, in the party business and so we both had this idea to just grow it and just work on it, I mean, you want to keep working on it right? Daniela: Of course. You know, when my kids are older and they don’t want to talk me anymore cause they’re talking to their friends, I want to have something of my own, something to do that I love and I’m passionate about.