There are many
businesses profiled where family members work within the business. But the
businesses listed here are truly family
enterprises where the identity of the family is very much tied to the
business. When capital is pooled from many members, put it in writing and know
your agreements.
Keep
working on that business plan.
Think twice before
asking friends or family members to invest in your business idea. The third
category, fools, is reminiscent of that old saying, "Fools and their money are
soon parted." Even be careful with the naive. You want to start out right and
you need to do the due diligence and proof of concept from the sweat of your
brow.
Know the people at
your bank. Give them working copies of your business plan and based on your
savings, ask them for an initial line of credit, then begin building on that
line. Ask for a review at least every quarter. Always bring an updated business
plan.
Within each of
these stories, go to the Case Study Guides for the
discussions about money.
For further
research:
1.
Family business: There are forty business stories
here.
2. Your business plan.
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