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Should You Hire Family or Friends?

Do you want to mix business with family or friends? To preserve the ties that bind, be sure to prepare with care.

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This story appears in the April 2002 issue of Entrepreneur. Subscribe »

You've been talking about starting that flower shop with your best friend for years. Or perhaps you and your brother are finally ready to open that restaurant you dreamed of endlessly when you were still sharing a room at home.

Now that you're in the start-up phase, the real issues of running a business with a close friend or family member are upon you. How will you stay friends? How will you separate your work life from your home life? How do you avoid a bleak failure that will haunt your Thanksgiving dinner table for years to come?

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