MANILA - Starting a business with one's sibling can both be a blessing and a burden, a business adviser said.

Speaking on ANC's Shoptalk, Professor Daniel Barrenchea of Wong & Bernstein Advisory Group said starting a business with a sibling may not be a good idea, unless the siblings have a good relationship with each other.

"Actually, it's not necessarily a good idea to get into a business with your sibling unless you really understand each other and you've grown up very close as a family," he said.

He added that this close family ties can work to an advantage, given that the siblings understand each other well.

"That's the beauty of a sibling business because they grow up together, they understand each other, they know each other's strengths and weaknesses, likes and dislikes. So hopefully they are able to use that knowledge to run the business, to run the relationship more smoothly," Barrenchea said.

On the other hand, this closeness may also cause old conflicts to resurface, which may affect the business.

For Barrenchea, siblings should know what roles to play in the business, so as to have a smooth relationship.

"They should come up with sort of a pre-nuptial agreement, where they define the role of each one, the responsibilities, so that they know what is the expectation from each one," he added.

Siblings should also treat each other as business partners and not as siblings, especially when talking about matters relating to their business.

"They must give each other space, and they must have their own responsibilities, and they must have regular meetings, and during the meetings, no family relationships, they are talking as businessmen, as partners, and that's the only time they can be productive."