#239: When You're In It For the Long Haul (Friday, July 29)

This week, I heard that singer Beyonce is suing her dad for allegedly stealing money from her. A couple days later, news broke that Leighton Meester is suing her mom, who is also her former manager, for misuse of funds.

It's easy to judge celebrities who sue their parents, siblings and other family members. However, when you consider that financial woes are one of the top two reasons for divorce (communication's the other), it's not so surprising; a business is just like a marriage.

Some people will say that getting into business with family and or friends isn't wise; and you'll find others who have done it and succeeded. It really is a case-by-case decision, but here are some things to consider if you decide to go that route:

1. Maintaining the relationship should be your first priority. Business should always be the secondary goal.
2. Define your business relationship with a partnership agreement that includes as many scenarios as possible. Note: you will never be able to capture every situation that could occur in a contract, but it's always a good place to start.
3. Have an exit strategy as well as a dispute resolution strategy.
4. Always consult an attorney. There should be one for the partnership, but you should each have your own attorney as well.
5. Keep Tip #1 at the forefront of your mind at all times. Remember that you love and care for the person with whom you are working.