Is Going Into Business with a Loved One Right for You?
Going into business with a loved one, whether it’s your partner, best friend, or a family member, can sound like the ultimate dream. Who wouldn’t want to work alongside someone they trust and care about? But before you take the leap, it’s worth asking: is this partnership really right for both of you? Here are the red flags and green lights to look out for before you sign on the dotted line.
Money, Values, and Goals: Are You Really Aligned?
The first big green light is shared goals, especially around money and values. Are you both building this business for the same reasons? Do you agree on what financial success looks like, and what you’re willing to sacrifice to get there?
If your money goals are out of sync, resentment isn’t far behind. Maybe you want to reinvest profits to scale, while your partner wants to draw a steady salary. One wants a lifestyle business, the other dreams of building an empire. Talk openly and often about what success means to you both.
Red Flag: You’ve never had a real conversation about money, risk, or long-term vision.
Strengths: Too Alike or Too Different?
It’s easy to assume that working with someone just like you will make business a breeze. But if your strengths and skills are too similar, you may find yourselves stepping on each other’s toes, or missing out on critical skill sets. Suddenly, you’re both trying to steer the ship in the same direction, and nobody is rowing.
On the other hand, if your skills are wildly different, you need real respect for what the other brings to the table. It only works if you can both acknowledge, value, and trust each other’s expertise, even (and especially) if you don’t always understand it.
Green Light: You have complementary strengths, clear roles, and mutual respect.
Red Flag: You’re duplicating each other’s efforts, or constantly undermining each other’s decisions.
Doubts: Name Them, Don’t Let Them Run the Show
Another piece of the puzzle is doubt. What are the doubts or limiting beliefs that plague your friend, spouse, or family member? Are they open about their worries so you can work on them together, or are they a closed book, forcing you to read between the lines? Sometimes doubts don’t show up in what someone says, but in what they do. Perfecting documents to the nth degree, wanting you to attend every sales meeting with them, refusing to delegate even the most underwhelming of tasks… these are often signs that your business partner has doubts. We all do. But if you don’t name them, you can’t tame them. The most successful partnerships are honest not just about strengths and goals, but about fears and insecurities too. Being able to talk about what’s holding you back, together, can be the difference between moving forward as a united team or quietly building walls between you.
Green Light: Your partner is willing to share their doubts and limiting beliefs with you. You both create space to talk openly about fears, insecurities, and challenges, so you can support each other and grow together.
Red Flag: Your partner shuts down or hides their doubts. Instead of having honest conversations, their insecurities show up as perfectionism, micromanagement, avoidance, or a refusal to trust you with key responsibilities. When doubts go unnamed, they quietly sabotage the partnership from within.
Work Ethic: The Elephant in the Room
Here’s the honest truth. If your potential business partner is someone who has spent years complaining about work, dodging responsibility, or constantly taking sick days, those habits are unlikely to disappear just because the business now belongs to both of you.
Are you prepared to pick up the slack? Worse, are you prepared to have the hard conversations if you feel they aren’t pulling their weight? Be brutally honest with yourself. This is one place where “love conquers all” doesn’t cut it.
Red Flag: You suspect your partner might be a slacker but hope things will magically change.
Collaboration: Is It Win:Win?
Collaboration is only positive when it’s balanced and built on shared values. If the partnership is shared 50:50, but they perceive that they're doing 70% of the work or more, resentment will creep in, no matter how much you care about each other. This is where transparency and communication is key. It could be that the balance of work is fair, but there isn't awareness of all the cogs that need turning. Or, if it's not fair, then a re-distribution of the shares or the work could be necessary for the business to thrive.
And don’t forget, shared values and professionalism matter even more than skills. Skills can be taught. Values can’t.
Green Light: You’re both getting value, and you’re both giving value.
Red Flag: One person is doing all the heavy lifting, or getting all the rewards.
Customers: Who Really Wins?
Always keep your focus where it matters: on your customers. No partnership will last, or succeed, if it doesn’t create value for customers. The partnership has to be a win-win-win, for you, your partner, and your audience.
If your combined efforts don’t make your offering stronger for your users, it might be time to walk away, no matter how much you love each other.
Bottom Line:
Going into business with someone you love can be one of the most rewarding things you’ll ever do. But it’s not always easy. Watch for the red flags, look for the green lights, and remember that the best partnerships are built on honesty, respect, and shared vision, not just shared history.
Thinking about going into business with a loved one? Reach out for a coaching consultation to see if you’ve got the green lights you need, or if there are a few red flags worth discussing first.