Doing business with relatives: How right or wrong?

We have seen instances where people shy away from doing business with friends or even in-laws for the simple reason that business and relatives, friends and in-laws don’t mix. 

Lanre, 45-year- old accountant, narrates his ordeal. “I had a property which I was not using and decided to rent it out. I rented one of the houses to a tenant while my sister-in-law requested that she be allowed to occupy the other house and promised to pay her rent in six months’ time as she was facing some financial crisis at the time she was requesting to move in. It’s been three years now and anytime I raise the issue of her paying up, she takes offence. The last straw was when I told her that I needed the flat to rent out to another tenant and she told me to forget it. It’s one dilemma that has got me confused and angry at the same time. This goes to show that the saying that business and pleasure don’t mix can be applied to relatives and in-laws too.”  

There have also been insinuations that business cannot thrive when relatives or even in-laws are involved as it is believed to go awry in most cases. 

Kalu Anderson, 42-year-lawyer, says “The day anyone decides to rent or do business with an in-law or a relative, consider that business failed. The in-law in question is kind of a family member and there are things you just don’t do with family members, this is one of them. 

“You should have a heart-to-heart talk with her, so both of you can agree on how much she will be paying every year, if not an instant eviction won’t work.”

Aisha Ibrahim, 37-year-old doctor, believes that involving family members or even in-laws in business should never be encouraged. “Involving family members in any serious business is a no no, especially in-laws. You can’t win their love by being good and hurting yourself because when it’s time for you to please yourself, people will get hurt and read meaning into it. Did he think that renting out the place to his in-law for two years will win her over? Well, he knows better now.”

Ngozi Umeaka, 35-year-old business woman, says “that’s why Igbos always say ‘Business is business and family is family’, both don’t mix. I don’t advise anyone to mingle business with family. The mistake has been made already. The issue is quite a dicey one; it’s either he forcefully takes back his property and be termed evil by in-laws or let it go.  Family business can only work when everyone has a stake in it and not when one person owns the investment and another family member decides to deceitfully rent or buy on credit. Getting money or a good deal from family members when money is involved is very dicey.”

Hajiya Maryam Abdullahi, marriage counselor, concludes that “usually when dealing with relatives or in-laws from either side, I wouldn’t agree with the notion that doing business with family members or in-laws is wrong. What we need in such situation is wisdom, clear and precise communication. In this case, there weren’t any of these because as a business man whatever you will do with a business partner will naturally apply to everyone. I would have expected he drafted a MoU to be signed by both himself and his in-law. That way, she will understand that he was serious with renting out the house. Most times, the word of mouth doesn’t work with relatives.”