Concers About Going in Business with a Friend

[Vaskiy]

Primary thing that needs to be in mind. Just invest and leave it. Try to be happy with what the friend give as profit share or regular basis or for specific time period. When both of you get into business activities it'll pay path for easy growth, but surely the problem arises and there are big chance of the business getting established on two locations providing the same services.

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[virasog]

Many years ago, I heard the story of a man whose business partner did dirty. They were business partners for almost 5 years and the suddenly the business partner left with company's money. Even after several years, this man didn't recovered. He ended up sounding it as a warning to his kids never to go into business with anyone. The trust was destroyed and never recovered. This is just one of those sad stories.

On the other hand, there are many success stories of friends who went into business together and succeeded to together. If you have ever gone into business with a friend, what were your biggest concerns and how did work through it.

It all depends upon how the friendship goes on as the business is being developed over time. The partnership can go on forever if both parties prefer friendship over money otherwise, we have seen that people will just forget about the friendship when money is involved in their matters.

Primary thing that needs to be in mind. Just invest and leave it. Try to be happy with what the friend give as profit share or regular basis or for specific time period. When both of you get into business activities it'll pay path for easy growth, but surely the problem arises and there are big chance of the business getting established on two locations providing the same services.

I wished it was as easy as you have explained but when you are doing business together and are the co-owner of the business, disputes may develop over decision-making and control. Many times, we have seen the two persons quitting the joint business and developing new business for themselves as sole owners.

[Alpha Marine]

I don't see anything wrong with doing business with friends or family. In fact, I believe it's friends we should go into business with more. Issues arise when you treat the business relationship as a friendship relationship. There should be a difference.
Take all the precautionary measures you'll take if you were doing that business with someone else when dealing with a friend. Involve contracts, lawyers and every other  paper work necessary.

Also, know the kind of friends you go into a particular business with. Because the person is a friend or relative doesn't mean you should go into business with him. Go into business with a friend because he/she is capable of handling the business and you can trust them to a certain level.

[blue Snow]

Many years ago, I heard the story of a man whose business partner did dirty. They were business partners for almost 5 years and the suddenly the business partner left with company's money. Even after several years, this man didn't recovered. He ended up sounding it as a warning to his kids never to go into business with anyone. The trust was destroyed and never recovered. This is just one of those sad stories.

On the other hand, there are many success stories of friends who went into business together and succeeded to together. If you have ever gone into business with a friend, what were your biggest concerns and how did work through it.

in business, we should not believe anyone even if he is a best friend. I often hear about friends who betrayed us, Because only friends and those who know can invite to join the business. That one way they are easy to trick us and join to their business and scam. We must carefully and must be observant to look what their offers, don't consider him as a friend, you just think of someone else, so that way you will be save and easy to research their business first.

[xSkylarx]

Trust kills for sure that friend of yours saw an opportunity to get it . It is really better not to easily trust even it is your friend because when it comes to money people change on it. It is really best to have anothe plan incase this will happen like you can prevent it and also you sre hands on to the business because there are transactions that you dont know which lead to losses or worse he will run the money

[peter0425]

If you are referring about Crypto Business partnership ? it is more different and safer than those real businesses.
because you can both Hold half or 2 way about the funding , and so none can run with the funds, if you are planning to do so, still needs to find a more trusted and you can rely,
if ever they broke the system at least there is something that you can hold and prevent from extending the damage.

[michellee]

Before doing business with friends, we must know the character of that friend, whether he can be trusted or will lie to us. We don't want him to betray us by leaving our business and not returning.

It's about trust between friends and us so we really have to get suitable friends to do business with. It is not easy to find a friend who can be trusted and because of that, we must be careful.

And after we get the right friends, we have to focus on business and not mix personal problems with the business.

[btc_love]

I mean, it's not exactly surprising that going into business with someone carries risk. That's kind of just common sense. Do you have any specific advice or insights to share, or are you just here to tell us that bad things can happen?

[Iadegbola34]

The story you shared is indeed a sad one, and it's understandable why the man would be wary of going into business with anyone again. It's unfortunate when trust is broken, especially in a business partnership that involves shared goals and finances.

However, it's important to remember that not all business partnerships end in betrayal or failure. Many successful businesses have been started by friends who share a vision and work well together.

When going into business with a friend, it's important to have open and honest communication from the beginning. Discuss your expectations, goals, and responsibilities, and make sure everyone is on the same page. It's also important to have a solid agreement in place that outlines the details of the partnership, such as ownership shares, profit distribution, and dispute resolution.

One of the biggest concerns when going into business with a friend is the potential strain on the relationship. It's important to maintain a professional attitude and keep business and personal matters separate. Regular check-ins and clear communication can help avoid misunderstandings and ensure that everyone is happy with the partnership.

In summary, while there are risks involved in any business partnership, it's possible to work through them with open communication and a solid agreement in place. It's important to weigh the potential benefits and risks and make a decision that feels right for you

[Lucius]

I would never mix friendship with business, because not only do you risk losing money, but also maybe a good friend. Money is something that can corrupt people and make them behave completely irrationally, and probably each of us has noticed this at least once in our lives.

However, what is perhaps most important is that you protect yourself in every business and do not let someone trick you and destroy everything you have created over the years. However, if this happens in spite of everything, it will be much easier for you if it was done by a business partner who is also not your friend. Money is always around us, and how many good friends do you have in your life?

[Solosanz]

Starting a business with someone regardless it's your friends, brothers, siblings, wife, parents etc are really need an agreement contract!

It don't matter how small or big your business, you still need that in order to prevent like this one. There had been many cases where relationship ruined because of money, so you need to treat everyone in professional.

If you're really want to hide this problem and don't want to ruin your relationship, you should never start a business with someone which have a close relationship with you.

[livingfree]

Many years ago, I heard the story of a man whose business partner did dirty. They were business partners for almost 5 years and the suddenly the business partner left with company's money. Even after several years, this man didn't recovered. He ended up sounding it as a warning to his kids never to go into business with anyone. The trust was destroyed and never recovered. This is just one of those sad stories.

On the other hand, there are many success stories of friends who went into business together and succeeded to together. If you have ever gone into business with a friend, what were your biggest concerns and how did work through it.

It is why an important factor before going into partnerships and business is to find a trustworthy partner. And finding it is like finding gem in the forest.

But when you've found the right one, you'll never regret it because it's mostly going to come from the crowd that you don't know and they're just random strangers that you'll meet somewhere.

It's sad to see that people have discouraging his children not to go business because of what happened to him, cannot blame him with that because it's hard breaking.

[Farma]

So far, I have collaborated with many other people, and some of these collaborations have ended badly, and some are still ongoing. However, in the end these people are not using the money as well as possible for business, but also for their needs. Of course the biggest fear when working with someone is when that person is not trusted. it destroys trust, friendships, and other good things that have been built up over the years. well, so, if I do cooperation with other people, then I might limit the funds that I will give. no one knows what will happen in the future.

[Reid]

First, he must be a longtime friend. Someone I know deep to the extent that I also know friends of his friends and far relatives. Yeah, it sounded like a bestfriend but to men, there's no such thing, those are just for women. I may not even care if he doesn't have an idea of the start-up business, as long as trust was already built it will not be hard for both parties to make it happen.
It's entirely different when you know a person from his roots, he will never find wrong in your relation and would be hard for him to backstab you because you know his family especially if you are in good terms with them.

[dunfida]

Many years ago, I heard the story of a man whose business partner did dirty. They were business partners for almost 5 years and the suddenly the business partner left with company's money. Even after several years, this man didn't recovered. He ended up sounding it as a warning to his kids never to go into business with anyone. The trust was destroyed and never recovered. This is just one of those sad stories.

On the other hand, there are many success stories of friends who went into business together and succeeded to together. If you have ever gone into business with a friend, what were your biggest concerns and how did work through it.

I have never considered on building one neither on a friend or someone who do have the funds.I dont really like on raising up some business on corporation but rather i would really be making it as a sole proprietor because
i dont really like up the hassle when dealing up with having a corporation because you wont know whether those friend or business partner of yours would really be betraying you in the end would would be ending up miserable. This is why its better to go solo, yes it does have that disadvantage since you would really be raising up your business on your own and with your own capital but we know that its does have its pros too
which is in correlation to this.

When it comes to money then it would be no shocking nor surprising when it comes to money talks where trust and relationships could really be broken up.Well, money could be still be earned while trust isnt something that you could make it back or goes back once you had tainted it and this is why never ever destroy someones trust just because of money.Well, there are people who are really that prepared on ruining
everything just for the sake of making money.

[Latviand]

So far, I have collaborated with many other people, and some of these collaborations have ended badly, and some are still ongoing. However, in the end these people are not using the money as well as possible for business, but also for their needs. Of course the biggest fear when working with someone is when that person is not trusted. it destroys trust, friendships, and other good things that have been built up over the years. well, so, if I do cooperation with other people, then I might limit the funds that I will give. no one knows what will happen in the future.

Look for signs, test them in the most subtle ways, you will eventually know who is that person because you're seeing the signs. It definitely is difficult to find someone you can trust but never ever stop being a good person, they broke your trust but that doesn't mean that you won't trust someone ever again.

[DevilSlayer]

The most thing for me if you will build business with your friend is the "attitude" and his "mindset". If your friend have a good attitude and mindset then he will never betray you, you can trust him with all of your heart that you will stat on the lane with him achieving your goal. The next thing that you should consider is if he has skill that can help your business to grow. Find someon who has a complete package that is good with communication skills, technical skill, managing people, have good attitude, have discipline, being aware to delaying gratification and lastly the hunger to become successful.

It is hard to find someone who have these kind of characteristic so you must treasure your partner once you find him. Picking is really hard because most of the partnership are failing due to broken harmony because their mindset and habits are not compatible to each other. Find someone that will help you grow, find someone that can make you a better person and lastly a someone who have same vision and same goals with you.

[demonica]

The thing is, even if it's your friend, you can't 100% trust them in finances. Since it's a big money you'll be going to invest for a certain business, you have to choose the friend whom you can really trust. Cause even if you know someone for a long time, people can be blinded when it comes to money.

For me, I've started a small business with my friends but I didn't really gave them access to the money since I'm the one who invested capital for it. You can update them about the funds but limit their access... What I can say about the story op mentioned, each partners should be monitoring the funds running in their business so you'd know how is it going and if there are any suspicious transactions happening. Simply just being transparent with the funds. I guess the people who experienced things like this is they fully trusted their friends, allowing them to have access to the money without consulting or without the other partner's permission.

[Hispo]

Having a friend as a business partner is still better than having a family member as a partner, like a brother or an uncle. Businesses are not supposed to be mixed with friends matters and family matters if can be avoided, it only brings drama and excess of in fighting if the relationships are not good.

In the case of a friend, I think it would depend on the person, I would never fully trust him, though. I would make sure he does not have complete access to the money so he cannot run away with it. But rather He would have parcial access to the funds. That is a good application for wallets with multisignature, I am sure there must be also some FIAT equivalent of it.

If possible, go into business alone, even if you think it is harder, you could have a bit of freedom on choices and more responsibility.

[Fesatmas]

Many years ago, I heard the story of a man whose business partner did dirty. They were business partners for almost 5 years and the suddenly the business partner left with company's money. Even after several years, this man didn't recovered. He ended up sounding it as a warning to his kids never to go into business with anyone. The trust was destroyed and never recovered. This is just one of those sad stories.

On the other hand, there are many success stories of friends who went into business together and succeeded to together. If you have ever gone into business with a friend, what were your biggest concerns and how did work through it.

Things like that are things that often happen in large financial management matters that are meant to work together as business partners. Of course, in this case we have to be good at assessing a person's character before being made a business partner, it will help avoid fraudulent activities like that. I myself have had bad experiences with this. The incident is almost the same, namely taking the company's money away, causing bankruptcy in the business we run, it made a big hit in my business journey, from there I learned to understand how to understand a business partner and everything about him, both from his family lineage, character and mindset, it made my cooperation after the previous incident better.
As for the things that trigger conflicts to occur, you must have a mature and wise mindset, especially the problem of money because it is very sensitive.