Joe knows that Dave is skeptical about doing some kinds of business with family. What will Dave say about doing business with his father-in-law?
QUESTION: Joe’s father-in-law has offered Joe a chance to go into business together. He will be an hourly-paid employee until the father-in-law retires or dies, at which point he will take over. He will make more money than where he is now and will learn the business. He has heard Dave say don’t do business with family members, but should he take this deal?
ANSWER: It’s not bad to work for or with family, but it’s bad to go into a partnership with family or be in debt to family. I think this is the proper way to do this. I want it to be clarified when he retires, and I want it written down. Other than that, this sounds like a great plan. I think this is a deal you do.