Concers About Going in Business with a Friend

[xSkylarx]

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 is a popular saying that there is no friend in business but an associate, never run a business with emotion or family intention and ignore the necessary things. That man wasn't smart, they had the business plan but he failed to plan on how the business should be run, where are the papers, didnt they sign agreements or he just did a normal business with his friend without papers? I believe before he had business, he was tought about business plan but forget paper work of partnership, sigh!

There is nothing hard in this, if you are planning to do business with a friend or a brother or with your family, don't forget to paper down contracts and agreements, it will save not only you but when something you don't expect like death, it will easily save your next of kin from any other people that plan to cheat in them.

That's true you have soo many ups and downs in a business and you have to be rigid regarding rules in any business and with a friend you can't be strict and you can't command him about things.
So better do business with a business partner not with a friend so in case if things go wrong you relations dint get affected.

It was opposite because you are more comfortable with your friend, like instructing him or commanding him , unlike having a complete stranger that goes into this , but the problem with having a friend is the trust , because for sure you completely trust your friend but turns out that your friend will scam you , that is why it is still better to be your business partner is your friend but limit your trust as it always kills you.

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[Pujangga]

Money really makes anyone tempted to become a devil, a business that has been done in 5 years is enough time to get profit at any time, but because of greed he prefers to carry all the money, and this is the importance of financial control, if we do business then to withdraw money should be arranged so that some people agree, and this is an important lesson for us.

[slapper]

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.

If your main concern is only about successful ones businesses then I'm not on that list but I do have partnered with my friends in Web Mastering (making websites and flipping them). The main advantages are, the workload and investment load are divided which eliminates half of the worries and tests a person's mind, There is a saying "You should eat with that person". This might give you an idea of his behavior in hunger, like is he thinks about himself or for you.

We were 3 friends and started a business together (same aforementioned), I was the main character as i have more knowledge, i started to give them tasks which i don't like because we were partners, not a company in which i am their boss i, talked with one friend and asked him what you say on this, he shared his thoughts and then the other one does the same. They always replied, do as you wish we will follow you. And i don't like that. Well, time passes and one of them was not showing interest as he was already doing another job and i know he got less time so i already had an idea how much time he will give but he was not as devoted to our work as he was devoted to his. So, i took him as uninterested.

Well, the thing is, when you are in business with your friends you can talk your heart out and tell them the feelings you are getting from them. Well due to this business other 2 quarreled and now they don't talk with one another if they have to convey a message, they pass it through me (i was a middle man) which i also not liked.

So overall, if you want to partner with friends then only do with one not with 2 or more because this could cleavage your friendship over time. Which you may also not like.

Forming a business partnership with a friend? Like a high-stakes gamble, it's a risk. However, I must admit that the remark does its job. The odds of success are low. Who is really to blame? Disjointed conversations and hazy boundaries. Dissolving business alliances brought on by power struggles and divergent goals? As usual as the rain. Mix friendship with the mayhem? Worse than before. But listen up, people: having defined responsibilities and communicating openly from the start helps pave the way to success. Possible? Sure thing. Risks? Everyone in business knows them, whether they're buddies or not. Dare we take a chance and exert ourselves? Exactly what is the payoff? Tremendous!

[Joshapat]

Fraud can occur even from things that we think are impossible, many cases are like the above, even in family businesses many make criminal manipulations by killing other family members, this is what makes us have to improve our attitude and not focus too much on business, value humanity and kinship must be more important than just profit.

[uswa56]

Money really makes anyone tempted to become a devil, a business that has been done in 5 years is enough time to get profit at any time, but because of greed he prefers to carry all the money, and this is the importance of financial control, if we do business then to withdraw money should be arranged so that some people agree, and this is an important lesson for us.

therefore it is very important not to do business by bringing friends or family relationships even though business can be done with anyone, but in doing business any relationship is no longer valid.
because money is a lot of people who are blind so they do everything they can to get it, everyone knows that but there are still many cases of loss of friends or breaking up of family relationships because of running a business together and being in trouble because of financial management.
many lessons and experiences from others that can be taken in this regard.
the point is not that we can't do business with friends, but we have to be able to make management controls properly and correctly.

[odunybiz]

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.

This type of stories is very common among friends even among brothers or family members. When it's come to money, one have to be very very careful. You can't know how faithful your friend is untill you test him/her with money. Money has its whole spirit and if one isn't careful the spirit can mislead oneself. If I'm to engage with a partnership with anyone it has to be legally backup and we must be the signatory to the company's account.

[judaspriest]

Fraud can occur even from things that we think are impossible, many cases are like the above, even in family businesses many make criminal manipulations by killing other family members, this is what makes us have to improve our attitude and not focus too much on business, value humanity and kinship must be more important than just profit.

The first is to decide what kind of goals you want in investing, after that you can choose which coin suits your goals,
basically top coins like Bitcoin, Ethereum and BNB are the best choice for long term investment,
it will give profit but again it depends on how we manage it.

[TheGreatPython]

There is a popular saying that there is no friend in business but an associate, never run a business with emotion or family intention and ignore the necessary things. That man wasn't smart, they had the business plan but he failed to plan on how the business should be run, where are the papers, didnt they sign agreements or he just did a normal business with his friend without papers? I believe before he had business, he was tought about business plan but forget paper work of partnership, sigh!

There is nothing hard in this, if you are planning to do business with a friend or a brother or with your family, don't forget to paper down contracts and agreements, it will save not only you but when something you don't expect like death, it will easily save your next of kin from any other people that plan to cheat in them.

That is such a good saying, I have never heard of that before, that is very right and correct. I think when you start a business with a friend, trying to make it work is a hard business because you may end up trying to get them to work and they may either do a bad job or maybe not even work at all. I try to make games witha friend of mine all the time and he just doesn't work, he always gives me excuses and always says he is busy and never really works on it at all.

I believe that if we could end up with something better, then we may end up with a better result eventually. I say do it on your own, whatever business you start, always be 100% owner, that way you can be sure that you are getting what you deserve and not what others gave you in return.

[rahulzx]

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 is the theory that always our business studies teacher used to say that don't consider your best friend in life, always best friend for your business. There are common concern that all your business transaction should be accountable, nothing should be over the hand based on not a quality like trust & truthful, those qualities need in living around your society however not in business dealing with your neighbors & friends.

[Fortify]

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.

If you value your friendship, then it's better to avoid going into business with that person. Some people might talk about it like a dream venture, however in reality business can be a very stressful affair and it is easy for cracks to form. People have different skills and work tempo's, this can lead to resentment building that it is not an equitable partnership. If someone is bringing very little to the table but taking a large cut, then it will ultimately lead to a falling out. Business is also driven largely around money and debt's can build up if it's not handled wisely. All sorts of problems may arise that could be handled badly and not just that - working in close proximity with someone can amplify even the smallest traits that might cause friction.

[Davidvictorson]

I am very concerned about going into business with anyone no matter who the person is. So far because of the clearly stated reason. There must be a binding agreement duly signed by both parties, a Judge and in the presence of a witness or witnesses from both sides.

[Baoo]

Regrettably, it is quite tough to build trust between partners nowadays even when the person you are in touch with is your close friend and that could even make everything worse especially when you confuse between business and friendship. Simply, business is business and friendship is friendship. The way you treat each one of them must be completely different than each other. In addition to that, it would be better if you lead your own business instead of taking a risk through partnering with someone. In fact, I genuinely believe that everyone is hiding their dark side, and these people would not let you notice their worst traits spontaneously until you test them . And to be honest it’s not that easy to get to know their characters well.

[Vaskiy]

I am very concerned about going into business with anyone no matter who the person is. So far because of the clearly stated reason. There must be a binding agreement duly signed by both parties, a Judge and in the presence of a witness or witnesses from both sides.

Whether it is a friend or someone who is known through some source, it is a must to make agreement and start the business. In most of the cases it is possible to see friends ending up the strong relationship after starting businesses. When it comes to money everything gets disturbed.

[Ani1985]

Money can make anyone a criminal, in my country the level of corruption in the country is increasing, when corruptors are caught they will hire a top lawyer so that the sentence can be light and even many of them escape and serve in the government again, business is a dangerous thing if we don't have control , friends can easily take all the money and do not care about the value of friendship.

[Negotiation]

Doing business with a friend will make it worse that's why it's better not to do business with a friend. No identity should become more important than the identity of friendship remember, your business success must be based on friendship. Disagreement in any work can lead to cracks in friendship also business means money and wherever there is money, there is anarchy. Transparency is the key to business success in our country financial troubles often stop budding businesses.

[Pierre 2]

I think if you establish business with a friend or relative you should treat her/him at same behaviors that you would do to your random partner. Friendships and family relations don't build up on money. Money and business are very different subjects so, there is literally no other way. If your partner can't follow your cold blooded nature its better to ask him about quitting business. Its not for everyone anyways. Honestly I personally can't do business as I am very undecided person in my life.

[summonerrk]

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 a similar story from my friend's life.
He started a small business with relatives. So I had to do it because there was not enough money to found it alone. And later, when the first profit began, this friend quarreled with relatives. The reason was simple: the contract stated that they split the profits in half. But my friend worked until night, and on weekends, and on holidays. It wasn't fair.

Conclusion: the profit should be divided proportionally to investments and efforts.

[BobK71]

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.

This type of stories is very common among friends even among brothers or family members. When it's come to money, one have to be very very careful. You can't know how faithful your friend is untill you test him/her with money. Money has its whole spirit and if one isn't careful the spirit can mislead oneself. If I'm to engage with a partnership with anyone it has to be legally backup and we must be the signatory to the company's account.

Partnerships with friends and conducting a business are nothing new. Today, we can found behind various big companies that are in the partnership business. Again, there are many partnership businesses that have broken down. But I think those who manage their business by a specific set of rules will definitely be able to sustain their business. If there is good faith among friends and everyone is able to maintain his dignity then the business will definitely get rapid growth as well as will be flourished.

[AicecreaME]

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've once tried an investment kind of business with my two friends, I financed the business and I let them did the work. I am the one who holds the money, since I'm the boss, and it went well. I believe before you start a business with a friend or with some friends, it must be someone who you really know well, like really well, because your bond is very important. It must be someone that values your friendship and respect you as an individual who is superior to them especially if they know well that you are much talented to them.

But that doesn't mean that you don't respect them as well just because you're superior to them, if you know what I mean.

[Kadal Ijo]

It's really sad the story above, friendship and business are broken because someone is greedy, it's only natural that it's difficult to recover from this situation, this is of course a lesson for all of us that when a business looks good and profitable then financial controls must always be tight so it's not easy to carry assets or selling assets.