Thanks for the tag ^redacted‌. I don't have direct experience as of yet. Generally I don't want to take family & friends but I'm considering taking a friend's investment because he would be an amazing advisor to the business and he invests in other businesses. For terms, I'm thinking no preferred interest but the same step up I would give an institutional investor.

If you Thanksgiving dinner can get awkward, it can get really awkward if people have that bet on you and your business at the table and things aren't going well. If you go this route, I would try for mimic terms that you would give to arms-length investors.