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How to Start a Business with Family and Friends

What do Tata Group, Walmart, Samsung, and Porsche have in common? These companies are all examples of a successful family business. With the right idea and a good business plan, you too can start your own family-run business. In this course, entrepreneur Bob McGannon shares his insight and advice on starting a business with family and friends (drawing from experience with his own 14+ year business). He begins with the importance of having an exit strategy and clear roles, governance, and ownership before you start the business. He also covers critical topics such as setting up business finances and managing working relationships, and provides troubleshooting tips and advice for keeping everything running smoothly.

Table Of Contents:


  • Welcome 1m 20s
  • Before watching this course 16s

Organizing your Business

  • Set expectations by clarifying role boundaries
    3m 45s
  • Establish norms that separate personal from business
    4m 14s
  • Discover compatibilities and styles
    4m 18s
  • Understand tax implications
    3m 58s
  • If your business is in your home
    3m 42s
  • Have an exit strategy
    4m 30s

Estalishing Governance and Ownership

  • Establish business ownership: Family 3m 33s
  • Establish business ownership: Friends 4m 2s
  • Determine who is in control 3m 52s
  • Shareholder considerations 4m 8s
  • Show me the money 4m 22s

Tips to keep it running smoothly

  • Communicate effectively 4m 7s
  • Manage conflict 4m 30s
  • Celebrate together 3m 45s

Working eith family and friends

  • Married couple survival guide 4m 26s
  • Manage your kids successfully 3m 50s
  • Working with your friends 3m 51s

Troubleshooting Areas

  • Problem indicators 3m 53s
  • Balancing family and business roles 3m 59s
  • Creating escalation procedures 4m 16s
  • Handling a family crisis 4m 34s


  • Next steps
    1m 25s

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