Even if the verbal agreement is legally binding, you can’t expect that the provisions will be carried out in good faith. Just imagine, if nations can find their way out of a treaty, what makes you think that people can’t? Unlike the time when a knight’s words were delivered with dignity, you can’t expect words to hold the same gravitas today. For the times when a sworn oath could fail you,serving legal documents can become your safety net, especially if the court becomes involved.
Some might say that the act is too drastic. However, you must take into consideration the grave factors on the line. See if your security and finances are being jeopardised. The promise of the next time is not always the answer to a legal dilemma. Sometimes, it has to be written in black and white so that you can deliver the urgency and weight of your message.
From personal debt to business trade, you must do whatever you can to have the agreement in writing. It is also crucial to reinforce the provisions through legal documentation. It doesn’t matter if the other party is a member of the family or a friend for a long time. It’s not new to hear relationships being broken apart by financial matters. Remember, the document is not written due to the lack of trust, consider it as a mutual agreement to have both parties under the law’s protection.
Admittedly, it is easier said than done. Before it gets to that, it’s best not to do business with a loved one, especially a family member. Here are the reasons why:
The business will come up during family gatherings.
When you do business with a family member, make sure that both of you know the distinction between your personal and professional lives. It’s already difficult to do so regularly—you end up bringing work with you at home.
Keeping your business problems off the dinner table requires restraint. When you become partners with a relative, the issues in the office might be brought up during family events. It might cause a misunderstanding, not only between you both but among family members who will take sides.
Your familial relationship might hinder your communication with colleagues.
Your employee’s observations and opinions are essential in ensuring your success. For the times you can’t be there, they become your eyes and ears. Colleagues, however, will not speak ill about your relative’s underperformance. To them, it’s risky. Not all bosses are equipped with fair judgment. You might not receive the critique you need to improve your system.
The qualifications may not be met.
For your business to thrive, you need a set of specialists. You can rest well, knowing that your employees are experienced in their respective fields. As much as you want to help a family member, you must prioritise your company’s growth. If your relative is not qualified to take on the responsibility, especially a high level one, choose a candidate who can do the job well.
Working with a relative is messy. There’s a low chance for both of you to leave your feelings and emotions before entering the office. No matter how close you are, being in a single work setting might change that. Do not risk it.