Succeeding as sisters in business

Entrepreneur and business mentor Kerrie Dorman on the pleasures and pitfalls of running a sibling business

You know each other’s background, experience and character. This is very difficult to gauge when going into business with a partner you don't know, and is often the downfall of many sponsored_longforms
You’ll have a natural ability to discuss tricky issues. Breakdown of communication in business often leads to failure
There is a natural feeling of unity, and you’ll be more likely to have the same values, fundamental for setting up a business

Underlying family issues that date back to childhood can arise and ruin business prospects
Failure can have repercussions on the family as a whole, which can be devastating, especially if other members have invested
Sisters falling out can be highly acrimonious and lengthy, which is emotionally exhausting for them and all the family
You will know your sister for life! Unlike sponsored_longforms outside the family where they or you can disappear

Whether a business is run by a family or not, business is business and a watertight shareholders/sponsored_longform agreement should be drawn up with legal advice
Have clearly defined roles and targets
Both sisters must be bringing something to the table by way of expertise/knowledge/capital
Nominate a third person to be a director or Mentor and meet regularly
Prepare properly before starting up, with some coaching to prevent any detrimental family issues arising