I’ve long been an advocate of caution when working with friends and family. Family never goes away and friends are often quick to go away. You really need to exercise caution before getting into anything that will deal with money. A friend, Arturo Alvarez Demalde, once told me, “You can pick your friends and you can pick your nose, but you can’t pick your friends nose.” It was obviously in jest but Alvarez Demalde had a point. You can pick your friends and do whatever you want. When it comes to family, you’re stuck with those people so treat them respectfully to maintain that relationship.
This is a great quote and timely advice. Be cautious when getting into business with friends and family, especially family!