Close Ties, Clear Terms: Thriving in Business with Family & Friends
Dr. Ivan Misner, Founder and CVO of BNI, has two thought-provoking quotes that tie into this topic. “If your network is a mile wide but only an inch deep, it will never be very powerful.” Couple that with, “The best thing about BNI is that the members become your friends, but the worst thing about BNI is that the members become your friends.”
Translation? There is no way around it, we are going to do business with people we love. Cultivating deep connections are not only inevitable, but also paramount in both our personal and professional lives, but once lines are blurred between business and pleasure; trust, communication, clear expectations, and defined boundaries are more important than ever. Life is messy sometimes and conflict will happen. It’s best we be prepared for it.
I recently experienced a valuable lesson involving a dear friend of mine and client of many years. The buck stops with me, and I accept full accountability in this situation. I am grateful the learning experience happened with her. Because we are so close, we rebounded quickly. It did, however, make me reevaluate my systems and processes when doing business with loved ones.
I had never put pen to paper on what standards I need in place to have a successful blended personal and professional relationship, until now. Here are my best practices so far:
Communicate Transparently and Regularly - Open, honest dialogue, not taking familiarity for granted by assuming anything.
Establish Clear Boundaries - Set explicit guidelines about when and how business discussions will occur, stating whether the conversation is business or pleasure.
Maintain Professionalism - Treat your friend or family member as you would any important client so both parties take the advisory relationship seriously.
Prepare for Emotional Dynamics - Family and friends may have emotional attachments that influence their decisions.
Respect their Autonomy - Understand that your advice/services may not always be followed or used. Recognizing this strengthens the relationship and increases trust.
Know When to Refer - This ensures they receive the best possible advice/service and maintains the integrity of your relationship.
I’d love to perfect this list by hearing how you have successfully executed business with friends and family!
- Tristan Evans
Commercial Vehicle Usage:
Do I Need a Commercial Auto Policy?
Wondering what the differences is between commercial/business vehicle use and personal vehicle use? Here is a great illustration of when a commercial auto policy should be considered:
She Means Business Book Recommendations
'BLINK'by Malcom Gladwell
Blink is about how we think without thinking, about choices that seem to be made in an instant. Why are some people brilliant decision makers, while others are consistently inept? Why do some people follow their instincts and win, while others end up stumbling into error? And why are the best decisions often those that are impossible to explain to
'EXTREME OWNERSHIP' by Jacko Willink & Leif Babin
Extreme Ownership explains the SEAL leadership concepts crucial to accomplishing the most difficult missions and how to apply them to any group, team, or organization. It provides the reader a formula for success: the mindset and guiding principles that enable SEAL combat units to achieve extraordinary results.
Understanding Your Coverage:
Garagekeepers Insurance
Garagekeepers Insurance covers physical damage to a customer’s vehicle left in the insured’s care, custody, or control. Imagine you take your car in and have to leave it at the garage overnight for repairs. While it’s there it gets damaged or stolen - garagekeepers insurance will cover the cost to fix or replace the car while it’s in their care.
There are two types of Garagekeepers Insurance:
Direct Primary: This coverage protects your car no matter what happens or whose fault it is. This is always a preferred coverage form, but it can be more expensive.
Legal Liability: This coverage only offers protection if the repair shop or business is found to be at fault. It requires an investigation before a claim is paid out.
Vehicle Use Case Study:
Commercial Use, Personal Expenses
A small business owner, operating a construction company, used their personal vehicle to transport tools and equipment to job sites. Believing their personal auto insurance would cover any incidents, they did not purchase a commercial auto policy. After an accident occurred while transporting tools, the insurer denied the claim, citing that the vehicle was being used for business purposes, which is excluded under personal auto policies. The presence of a magnetic sign with the company name on the vehicle further supported the insurer's decision, as it indicated business use. The business owner was left responsible for all out-of-pocket costs.
Brooke Barton| Founder & Owner
The Redhead Heath Advisor
Brooke Barton is a Jesus-loving, happily married mom of two who calls herself a HOT-MESS! As The Redhead Health Advisor, her passion is helping individuals, families, and small businesses navigate the often-confusing world of health and life insurance. Brooke does not sell policies-she provides education and guidance so her clients can make the best decisions for their unique situation.
Brooke works with clients nationwide but calls Aledo, Texas home. She was drawn to the insurance industry when she saw first-hand how little guidance was available for self-employed individuals like herself. Brooke knew there had to be a better way, so she became that resource for others. The health insurance industry has a notoriously low success rate, but Brooke was determined to beat the odds.
"Things don’t happen to you, they happen for you. Your mindset will determine your momentum. Your income & success will never exceed your amount of self-development."
Naturally an “all-in” type of person, she previously worked 80+ hour weeks at the office but has since learned the value of balance. Transitioning to working from home has provided her more flexibility. Brooke prioritizes daily workouts with her husband—they are empty nesters now, so making time for each other is important to them. She still gets ready, every morning, even when staying home, because she believes when you dress for success, you’re more likely to show up successfully.
