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Pros and cons of mixing friends, family, and money

When we’re discussing small businesses, many people look to their family and friends for support even if it may be financial.

Ty Shea is the Chief Financial Officer at Circle City Broadcasting. Shea discussed the pros and cons of mixing your business and personal accounting with loved ones.

“It all comes down to the individual people involved and the individual situations involved, but both parties should always go in with eyes wide open. Sometimes I’ve noticed that money can be thicker than blood when it comes to business dealings, so I’ve seen relationships and family relationships split and sour,” Shea explained.

“When businesses go south and when you are talking with those folks, there just has to be an understanding that there is a risk involved when you are investing in a company. There’s always that potential.”

Watch the full interview above to learn more.