In recent years , there has been an uptick in familyowned commercial real estate ventures here in Montgomery , from families looking to open a doctor ’ s office to couples seeking to grow their commercial real estate portfolio . But whether your family is looking to get into commercial real estate or some other type of business venture , it ’ s essential to get your banker involved .

For 30 years , commercial real estate lending for families has been one of my top areas of expertise . From hotels and pharmacies to car washes , restaurants and even granite quarries , I ’ ve helped finance a wide variety of properties .

While couples , siblings and all family groups face the same challenges as any entrepreneur , going into business with family requires additional considerations . To help families be successful in their business ventures , here are tips I ’ ve shared with my longtime clients :

SEPARATE BUSINESS AND PLEASURE . You may be excited to go into business with your family , but as with anything , there will be ups and downs . Make sure you set clear boundaries between your business and personal lives to keep them separate . When the office closes for the day , it ’ s important to protect time to just be family .

SHARE YOUR VISIONS AND SET A COMMON GOAL . It ’ s important that the whole family understands what each wants from each business venture . Sharing your visions with each other and setting clear goals will set you up for success . Hold recurring meetings to honestly evaluate your progress and shift gears when necessary .

USE TRUSTED THIRD PARTIES TO SETTLE DISPUTES . Having trusted third-party experts to help in decision-making will get disputes settled fast and fairly . While the whole family may have an opinion on how to handle cash flow , for example , a trusted outside expert like a banking partner will have

valuable insight . These third parties will also help take some of the emotion out of decision making and keep the peace .

WORK WITH A BANKING PARTNER WHO KNOWS YOU . My goal as a lender is to develop relationships that extend beyond a single transaction and to be a resource for my clients at every step of their financial journey . Whether you ’ re looking to grow your family business or start one , having a trusted banking partner can make your financial decision making easier .

Going into business with family can be a rewarding experience , but it requires careful planning , clear communication and a solid understanding of each family member ’ s expectations and goals . By following these tips and working with a trusted banking partner , families can successfully navigate the complexities of business while maintaining strong family relationships .

Dana Moore is Vice President , Commercial Loan Officer at Valley Bank in Montgomery and has been a lender for 30 years

This article is made available for informational and educational purposes only . Any views , thoughts and opinions expressed herein are solely that of writer and do not reflect the views , opinions , policies or position of Valley National Bank .

Valley National Bank is a Member of the FDIC and Equal Opportunity Lender .