Family businesses are a very interesting dynamic that may or may not be good for you to take part in. The two parts of the equation that you need to consider before going into business with a family member are around “credit” and “money”. If both you and your brother care more about money than the credit you become extremely vulnerable. The best framework for a family business to work requires both parties wanting different percentages of money and credit. If you can’t come to that balance it leads to a lot of toe-stepping and resentment of each other.
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Gary Vaynerchuk is a serial entrepreneur and the Chairman of VaynerX, a modern day communications parent company, as well as the CEO and Co-Founder of VaynerMedia, a full-service digital agency servicing Fortune 500 clients across the company’s 4 locations.
Gary is a venture capitalist, 5-time New York Times bestselling author, and an early investor in companies such as Twitter, Tumblr, Venmo and Uber. He is currently the subject of DailyVee, an online documentary series highlighting what it’s like to be a CEO and public figure in today’s digital world. He is also the host of #AskGaryVee, a business and advice Q&A show online.
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