|06-04-2007, 05:21 AM||#1 (permalink)|
Join Date: Jun 2007
Family Relationships/Business, which comes first..
I have read Steves posting on family relationships, and how if they do not fit in with your way of thinking, how to let go of blood ties, etc.. But I have a terrible problem. I have a family business (inherited) worth about us$ 6m. Since my mother died a year ago, I have discovered that my brother has been siphoning money from our business, to the point where we have defaulted on bank loans(which has never happened in the 54 years we have been in business), and are now in the process of bankruptcy. I have implored him thousands of times to stop doing this, but he will not listen to me. When I tell my family members about this, they do not believe me. He has consistently destroyed me professionaly, personally and lied about me to my family to the point where I am the bad guy and he is the good guy. ( With my mothers death, my dad died, my younger brother died, the only one I have left is my sister, and the business is co-owned with my aunt - my mothers sister - who has taken his side). He does not care about the business, all he wants to do is come in and take money. He doesn't care if we default, or if the bank takes over our business. We are not in the US, where there are bankruptcy laws, which makes it even harder. When I try to talk to anyone in the family about this, they turn a deaf ear. The only one who hears me is my sister, although I understand she is torned between the two of us, and tries not to take sides. Besides my brother, I am the only one who went to college and understands what is going on financially. I am at my wits end, I don't know what to do, to give up and let him do what he wants, which will eventually lead to the bank taking over our business which took so much work, effort from my mother, grandmother, etc. or keep on trying to turn things around. The business generates enough money to pay all the debts, if only he would stop taking so much money out for himself. He and his wife live like millonaries, while the rest of us are praying for ways to save our business. I have dissasociated myself from him and his wife on a personal basis, but on a business level its almost impossible. Any suggestions..
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