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Jimi Izrael

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Posted Monday, April 21, 2008 6:42 PM

Entourage

izraelj



I'm not a fan of the "entourage:" I'll crew-up, but you'll never see me screwed-up in anyone's posse, following them from store to store, laughing at all their jokes. Fetching their latte. The Wall Street Journal reports that sport figures are starting to reject the conventional entourage porked up with yes-men and hangers-on in favor of cutting the fat and employing select friends and family as business partners.

On the surface, this certainly sounds like a good idea---when you come into a lot of money, who can you trust if not your people? Still, I'm not sure if you'd want your people working for you, particularly not the same cats you go to strip bars with. Next thing you know, they're making it rain with your company's quarterly profits. Not a good look.
 

The difference between a crew and an entourage is that in a crew, everyone's equal. In an entourage, one person is the host, and everyone around them is a parasite. Paying people to hang out with you is a bad idea anyway, because if you're that desperate for company, maybe what you really need is the space to figure out why. But employing these same cats to run your business affairs? That's a bad idea gone worse.

 
Business and family never make a good mix, and there's a reason why your drinking buddy isn't running a multi-million dollar company-he doesn't have the credentials, and neither does your Aunt May-May or Cousin June Bug. Even if they have education and experience, people that really like their friends and family don't go into business with them. 

Would you ever employ a friend to run your business?

 

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Member Comments

Posted By: The Spaniard (April 21, 2008 at 11:23 AM)

The answer is simple...

Only if they had the requiste credentials and fortitude to handle said business.  I typically don't have friends that I deem to be screwups anyway...that's a character flaw and I don't need friends that bad that I have to overlook major character issues.


Posted By: ken (April 21, 2008 at 11:47 AM)

I do business with friends all the time.  I trust their advice and I know that they have my best interest at heart, when things aren't right they've always been straight with me.  But I guess we're working like a crew; we do business as equals, each of us bringing something of value to the other and each person has the ability to walk away if the situation isn't working properly.


Posted By: detmem (April 22, 2008 at 4:24 PM)

Yes I would as long as they are competent. How do you think intergenerational wealth is created? Successful business people have always hired family in order to keep the business and wealth in the family.  


Posted By: Be On It (April 24, 2008 at 12:11 PM)

With a select few of my family and friends (the number is less than five). I have a lot of wonderful people in my life, but most are just not equipped to do business with. Those who are, it is a mutual evalutation - if both do not benefit, then we look elsewhere for a business partnership.


Posted By: gardenwzl (April 25, 2008 at 11:32 AM)

I think the only friend or family member I'd hire is my mother.  She is the one family member I trust completely, definitely the only one I'd trust with money.