Concers About Going in Business with a Friend

[GigaBit]

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 think it happens almost all around us who plan a business and at some point it falls apart again. What I think is most important here is choosing friends in business. Although the behavior of friends may not be understood at first, you should determine in business those friends who are your most trusted. No relationship or business can survive if friends cannot trust each other. Moreover, there are certain rules of partnership business which are very important to pay attention. If the terms are well regulated there will be a solid foundation legally. Despite the various negative incidents, many people today have achieved great success in partnership business.

[1715488724]

1715488724

[1715488724]

1715488724

[1715488724]

1715488724

[smile1218]

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.

There are a lot of same story happened to a lot of businessmen. If a person is too greedy for sure he will never succeed in what ever kind of business he is going to put up, that is called karma. But not all business partners are the same. I think before you venture into business make sure that you have secured a written contract between both parties so that your partnership would be safe no matter what happens. If ever your business partner is planning to scam you, you can file a case on court and your contract would be a great evidence to sue your business partner.

[bakasabo]

The only ways of having a business with a friend is have him as a consultant, use his experience or have him on a lower position than you. If you both have equal right to manage company, then one day you will destroy it due to an argument or money. Business is about money. Money will always be a barrier for friendship, so I dont believe in successful business with a friend. If a person has a successful business with a friend or see one of such, then it is a matter of time when it will collapse. Business is such a complicated thing, that a person must either dedicate all of himself to it, or choose between family, friends, business.

[Similificator]

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 really depends entirely on the people involved.

And if you are wondering whether you should do it or not, then I suggest that you think about it more carefully. Usually, personal relationships and business do not mix well which would make anyone think that it'd be better to never do businesses or investments with friends or family since this would save not only your capital funds but also your relationship with them. In some sense, this kind of thinking does make sense, but this does not apply to all scenarios/situations. For instance, if a friend or family has the qualities, skills, temperament etc., that aligns with your standards and trust that it would benefit the business or investment you are planning to make, then collaborating with those people would be the best decision. Again, it really depends entirely upon the people involved, that's just how it is.

[hyudien]

The only ways of having a business with a friend is have him as a consultant, use his experience or have him on a lower position than you. If you both have equal right to manage company, then one day you will destroy it due to an argument or money. Business is about money. Money will always be a barrier for friendship, so I dont believe in successful business with a friend. If a person has a successful business with a friend or see one of such, then it is a matter of time when it will collapse. Business is such a complicated thing, that a person must either dedicate all of himself to it, or choose between family, friends, business.

Putting together 2 different thoughts will be very difficult, especially if it has something to do with money. Believe me, everyone will show their true nature when faced with money. I often hear things like this, and you are right that money is a factor in breaking up friendships.
Putting our friend's position lower than ours will not be a solution in my opinion, especially if we are close friends. I know that in terms of doing business we shouldn't mix friendship and business, but still, that can only be done by some people, in the sense that not everyone can do that. To be honest, I would avoid things like this, unless we have the same thoughts, even this still has a risk because between us it is possible that we will change in terms of thoughts.

[naira]

This is where the role of the business system works, the consequences of the rules need to be implemented properly. Don't just because he's a close friend doesn't mean rules can be set aside. Remember it's about business, and if you're one, you already know what needs to be done.

Strongly agree, the business system has no family relationships, friends and other relatives, if you mismanage your business due to the influence of some of the factors above it will have a bad impact on your business, every business must have regulations for all employees/staff without exception, anyone who violates will be subject to a reprimand and dismissal so that disciplined employees against regulations have been established, we must focus on the work of business planning so there are no other influences that can potentially damage business success.

This is the point. Business with family can still be done, but back to the basic point about business is business even though there are family ties there which is possible in partners but we have to keep the partitions as much as possible so that things don't mix.
Don't just because you have a special bond, things like that are not treated properly, because things like that can damage the business and lead to nepotism which can actually be damaging.
But sometimes many don't really think about things like this to go any further so believe it or not things like this still happen.

[nimogsm]

I know that there are exceptions to the rules and friends can do business together, but most often it will not end well. I had the experience of a joint business and in the end everything collapsed, but we continue to be friends and at the same time we do not start business relations. You should always be prepared to take risks, both losing a business and losing a friend. My advice is to try to avoid such ideas where there is money, friendship cannot be.

[cydrix]

Never, ever, ever do it. I've done it several times during my life, and each time was difficult. Even while I have heard stories where the financial aspect has been a difficulty, mine was unrelated to money. Mine was about how he was overexcited and too daydreamy, which is why it failed. When we started it, it was a simple idea that couldn't really go anywhere, but he believed that we could start there and make it to the top, like literally dreaming to become a billionaire one day. This happened about ten years ago or so, when I was a lot more younger and obviously a lot less experienced.

[alastantiger]

I have not gone into any business with a friend before but i have seen successful and unsuccessful business partners. Before you go into business with a friend, first you have to understand their character about money, money is one thing that saperates friends even brothers. There is no 100% trust when it comes to moneySo in this regard, there should be a written agreement between the two parties and it should be law binding. People can easily change eapecially when money is involved.

[ivankoh]

They wouldn't be friends if they don't know each other's behavior. Friends have the same colors and feathers that's what they say but if from the beginning you already know this friend of yours will likely cheat, then it's not worth partnering a business with him.

I once witnessed 2 business friends, opening businesses selling items and products that they prepared very carefully.  In the company they cooperate happily in the period after 1 year of establishment, outside of work they are very close friends since students.  After having certain results and profits.  Suddenly, conflicts arose because of profit, which I know is that the contribution, responsibility and benefits are divided unevenly.  I'm younger than them and hope they mend but nothing serious, they hate each other and never go to any parties where the other is present.  The power of money is scary, I have realized that I will never do business with any friends.  that will make it easier to keep good relationships out of interests.

[YinShuiSiYuan]

They wouldn't be friends if they don't know each other's behavior. Friends have the same colors and feathers that's what they say but if from the beginning you already know this friend of yours will likely cheat, then it's not worth partnering a business with him.

I once witnessed 2 business friends, opening businesses selling items and products that they prepared very carefully.  In the company they cooperate happily in the period after 1 year of establishment, outside of work they are very close friends since students.  After having certain results and profits.  Suddenly, conflicts arose because of profit, which I know is that the contribution, responsibility and benefits are divided unevenly.  I'm younger than them and hope they mend but nothing serious, they hate each other and never go to any parties where the other is present.  The power of money is scary, I have realized that I will never do business with any friends.  that will make it easier to keep good relationships out of interests.

Two friends can never be good business partners because running business requires many highs and loss. You have to go through many things and have to be technical and practical about many aspects sometimes that can be strict and hard .
So friends have to be polite with each other and have to work in regard many times which is not good for a business.

[Wildwest]

this all depends on each of us personally in choosing friends to do business, because not all close friends we can fully trust, so we must first look at how his income is in everyday life if it is stable and there are no problems in finance then for Doing business together is a very interesting thing because we can give each other interesting ideas for running a business that we want to develop, so not all of our friends can be trusted let alone to run a business together.

[marcous]

this all depends on each of us personally in choosing friends to do business, because not all close friends we can fully trust, so we must first look at how his income is in everyday life if it is stable and there are no problems in finance then for Doing business together is a very interesting thing because we can give each other interesting ideas for running a business that we want to develop, so not all of our friends can be trusted let alone to run a business together.

The income/economic factor cannot be a consideration that we can trust it to be honest in business, there are no factors whatsoever that convince us to trust someone completely, believe that business is still business and don't give trust that can damage your business, the financial part must be monitored closely financial details and reports must be reported every month to avoid misuse of company finances.

[Z390]

I used to have a business that was managed by me, I never built it with any friend's money but I have a friend that needed help and he already knows about the business so I let him in, things are very bad in my country and I can't keep looking at him in a very bad condition, but I have to tell you, this was my biggest regret ever.

One day this same friend sent me a message that he was sorry he had to go back to school with my own money, when I tried to find him I was unable to reach him, so I just forgot him and learned from my lesson.

Despite my advice to get him arrested, I couldn't because I don't even have the money to perform this operation. Years later, I heard he had failed badly in school to the point that he couldn't graduate.

Unless you come together for business or money, you won't know if you're dealing with a reliable friend. If it's money, people always reveal who they are in a hurry.

[Oilacris]

They wouldn't be friends if they don't know each other's behavior. Friends have the same colors and feathers that's what they say but if from the beginning you already know this friend of yours will likely cheat, then it's not worth partnering a business with him.

I once witnessed 2 business friends, opening businesses selling items and products that they prepared very carefully.  In the company they cooperate happily in the period after 1 year of establishment, outside of work they are very close friends since students.  After having certain results and profits.  Suddenly, conflicts arose because of profit, which I know is that the contribution, responsibility and benefits are divided unevenly.  I'm younger than them and hope they mend but nothing serious, they hate each other and never go to any parties where the other is present.  The power of money is scary, I have realized that I will never do business with any friends.  that will make it easier to keep good relationships out of interests.

Two friends can never be good business partners because running business requires many highs and loss. You have to go through many things and have to be technical and practical about many aspects sometimes that can be strict and hard .
So friends have to be polite with each other and have to work in regard many times which is not good for a business.

We cant really make out conclusions because we dont know on how both or 2 people would be handling out those probabilities or real deal when it comes to business aspect. This is mostly
be an issue when it comes to personality because if you and your friend are both that emotionally impulsive when it comes to things then being that compatible is really that almost impossible to be done.
Its impossible that you both wont really be that aware about the risk involved on a business, if you both are really having that trust issues then its better not to proceed out on something like this.
Better to run and build your own business without needing on having that hesitation or suspicions if the other side did really make out something.

When it comes to me then i wont really be closing up that probability on running a business with a friend but most likely i would prefer on doing solo.I could handle up myself
on running one without having any partners or somewhat into this condition.

[Husires]

Business is related to contracts being clear and the agreement far from personal matters. Otherwise, such actions may destroy your life and trust in others, in addition to the great material losses.

I do not advise the young man at the beginning of his life to start a business partnership with a female friend because the possibility of the failure of the project is great, especially if they do not have experience, and therefore it is better to start your project on your own and after gaining sufficient experience to search for friends or relatives and start a joint business project.

[Plaguedeath]

The only ways of having a business with a friend is have him as a consultant, use his experience or have him on a lower position than you. If you both have equal right to manage company, then one day you will destroy it due to an argument or money. Business is about money. Money will always be a barrier for friendship, so I dont believe in successful business with a friend. If a person has a successful business with a friend or see one of such, then it is a matter of time when it will collapse. Business is such a complicated thing, that a person must either dedicate all of himself to it, or choose between family, friends, business.

If you want to have a business where your friend is become as a consultant or use his experience, it's not having business with a friend, but it's your own business. Do you think your friend will only accept one time payment as a consultant when your business become big? your friend will demand more and they will threat you if your business can become big because of him.

If you hire him on a lower position than you, he will ask for promotion or demand higher salary with an excuse he's your best friend and he have help you when you both were in school.

[bakasabo]

The only ways of having a business with a friend is have him as a consultant, use his experience or have him on a lower position than you. If you both have equal right to manage company, then one day you will destroy it due to an argument or money. Business is about money. Money will always be a barrier for friendship, so I dont believe in successful business with a friend. If a person has a successful business with a friend or see one of such, then it is a matter of time when it will collapse. Business is such a complicated thing, that a person must either dedicate all of himself to it, or choose between family, friends, business.

Putting together 2 different thoughts will be very difficult, especially if it has something to do with money. Believe me, everyone will show their true nature when faced with money. I often hear things like this, and you are right that money is a factor in breaking up friendships.
Putting our friend's position lower than ours will not be a solution in my opinion, especially if we are close friends. I know that in terms of doing business we shouldn't mix friendship and business, but still, that can only be done by some people, in the sense that not everyone can do that. To be honest, I would avoid things like this, unless we have the same thoughts, even this still has a risk because between us it is possible that we will change in terms of thoughts.

I would avoid everything that has a money context to do with friends. Even something simple can spoil friendship, and it is impossible to balance in such situations. My experience - every time I borrow someone money, they try to avoid contacting me in future. I have bought a garage with my friend to use it like a warehouse - he keep his car there leaving almost no free space there. I cant even access my summer tires. I had to wait when he get free time to move his car.

People keep abusing each other to get best for themselves. The only way to be "in business" with a friend is to help him. Like help him to move stuff and unload them. Sort of a part-time help.

[Raceonsucced]

Betrayal is common. If I do business with someone. What I'm worried about is what you said. Friends take the company's money and never come back. As usual, sometimes it all starts with greed. And ended up being a betrayal. When building a company together, we must really trust each other. And we must know the true nature of our business partners.

[lovesmayfamilis]

There is a saying in Russia:  "Friendship, friendship, but money apart".  And also the fact that if you lend money to a friend, you already receive a debt from the enemy.
In summary, it can be said that all business relationships should not be related to friendship. If there are two friends who jointly open one business, there can always be a crisis in the relationship, and someone will betray them. Therefore, trusting but always verifying is the right attitude.