{ "media_type": "text", "post_content": "Cofounder - will you start a company with your cousin or a relative? What will be the potential risks? Thanks!", "post_id": "6107fde027c5990021aba512", "reply_count": 6, "vote_count": 2, "bowl_id": "5b0ec788cf11a800139f9490", "bowl_name": "Startup and Entrepreneurship" }

Cofounder - will you start a company with your cousin or a relative? What will be the potential risks? Thanks!

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Only if you have a VERY clear understanding of roles, responsibilities, how money will be handled, who’s filing the taxes etc it’s like marriage, choose wisely! And get it in writing!

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I have. And it has gone very well. It depends on what you’re relationship with the person is like. Caveat—I grew up in family businesses, so I know this all too well. Good and bad.

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Thanks for sharing!

I have done this successfully. I think the commitment to the business is greater when it’s in family. I think also communication is better - opinions aren’t held back, and the process of getting to know how to work together is accelerated. When times get tough, stress can creep into the personal relationship. Keep boundaries between work time and family time.

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The dynamic can be tough depending on how your relationship is today. You have to be able to separate business and friendship

I would advise against dong so unless they have specific skill sets that are absolutely necessary. Far better to find a candidate and go through a ‘dating’ period prior to anyone being given the CoFounder title and role.

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