How to (or should I) form partnerships with family members?
Firstly, I want to share that my family recently inherited a house in San Francisco that we are renovating of which my father is leading the project. This event acted as the impetus of my new-found enthusiasm for real estate. I am currently taking a home study real estate course for getting my salesperson license for future projects.
I want real estate to become the 'path' to success. However, my father and brother, who I wish to partner with, are a bit close-minded and do not respect the intricacies of business. For example, they would rather rely on 'street smarts' or doing '$10 an hour' tasks in a rehab instead of hiring it out. They have no respect for business plans and following tried-and-true theories and systems. They are basically short-term thinkers.
I would love for my family to get into the business, but if they remain as they are now it seems like they would become more of a hindrance than an asset. So therein lies my dilemma. How do I influence them to adopt the business mindset? Or should I just go about the business solo and maybe just utilize them as assistants or act as project managers? What would you do?
P.S. I have not presented my business plan to them, at the moment, as it is incomplete and I am still learning. I am hoping this will instill the entrepreneur spirit in them.