Business financing Tag

It’s not unusual for owners to partner with family members on an industrial, hotel or office-based business. In fact, many of our commercial real estate borrowers rely on help from parents, cousins, siblings and in-laws. It seems logical to entrust your business to those closest to you, and when it works, it’s an amazing way to build toward a successful future. But when it doesn’t work, the consequences can be crippling — personally and professionally. When choosing to work with family, there’s a valuable first lesson that applies to businesses of every type: Great character doesn’t always equal great business savvy. Even if your brother-in-law has bookkeeping experience, he may not be well versed in the intricacies of your specific goals and...