Concers About Going in Business with a Friend

[puloweh555]

Mixing business with friends can be challenging, especially if there are no clear rules and no separation between business and personal relationships. Doing business with friends trust and honesty are very important in any business and relationship, including with friends. However, it is not always easy to maintain trust and honesty among friends in different business situations. Therefore, it is very important to have clear rules and understand each other's roles and responsibilities in business. it is also important to keep business relationships and friendships separate at work and not let personal conflicts influence business decisions.

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 still many good people in this world and many success stories in doing business with friends, by setting clear rules and maintaining a clear separation between business and personal relationships, combining business with friends can be successful.

To overcome this there are some basic rules that might help are:

1. Define clear roles and responsibilities.
2. Set clear and measurable targets and business goals.
3. Develop a clear and structured business plan.
4. Schedule regular meetings.
5. Avoid bringing personal matters into the workplace and vice versa, do not bring business matters into personal relationships.
6. Establish rules for making important decisions together.
7. Ensure that all decisions made are based on business interests, not personal interests.

By keeping business and personal relationships separate and setting clear rules, combining business with friends can be successful and even an opportunity to strengthen relationships and achieve common goals. However, if there is a dispute or problem in business, it is important to resolve the matter in a professional manner and not affect existing personal relationships.

[LogitechMouse]

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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.

What you shared isn't happening to every business partners out there. In fact, I don't see anybody who will just run away with all the money the company has without any deep reason at all.

I mean in reality, we don't see this thing happening more often especially in those huge businesses already. I'm not a business minded person that's why I don't know some of the concerns the business partners are facing, but for sure trust is the main concern. Like you said, your partner can be your partner, but anytime he/she can be your enemy in an instant, and betray you. On the other hand, I assume that these business partners are good businessmen as well, so if one ran away, the other can just rebuild his business, start from scratch on his own since he knows what to do already.

Ohhh I remember one small business that I had with my relative. I will just share it here. We tried to build a small business. At first, it was a profitable business, and we are profiting big, but that profit didn't last for even a month because after 3 weeks, he used all of the money that the business had to buy some vices for himself. Unfortunately, I'm not the one who's holding the money that's why it ended up as a loss.

[bakasabo]

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.

And even when everything is documented, your business partner can scam you. Human mind is very creative, you cant foresee every single trouble case and put it in contract. Business partner can indirectly harm business. Share information with competitors, reveal insiders information. And there is always a good old "I did not know" and "I did not expect that". Partner can hide behind these two excuses and it will be quite hard to prove opposite during trial.

[axxo]

For me if your going to put up a business with a friend it is important to consider several qualities such as his or her experience, their skills, their work ethics, how they communicate and how they share their values. If his or her qualities do not have those skills you have to think about it before putting up a business. A business partner should complements your strengths and weaknesses, they should have a very good background in business and you can enjoy working with. Both of you should have a clear expectations and strong working relationship based on trust and mutual respect. Everything should be documented as well and everyone should have access on all reports for transparency. Sometimes even your closest friend is hard to deal with there will arise the trust issues. If you do not trust your friend then do not put up a business rather than set up on your own alone.

[barisbilgili]

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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.

What you shared isn't happening to every business partners out there. In fact, I don't see anybody who will just run away with all the money the company has without any deep reason at all.

I mean in reality, we don't see this thing happening more often especially in those huge businesses already. I'm not a business minded person that's why I don't know some of the concerns the business partners are facing, but for sure trust is the main concern. Like you said, your partner can be your partner, but anytime he/she can be your enemy in an instant, and betray you. On the other hand, I assume that these business partners are good businessmen as well, so if one ran away, the other can just rebuild his business, start from scratch on his own since he knows what to do already.

Ohhh I remember one small business that I had with my relative. I will just share it here. We tried to build a small business. At first, it was a profitable business, and we are profiting big, but that profit didn't last for even a month because after 3 weeks, he used all of the money that the business had to buy some vices for himself. Unfortunately, I'm not the one who's holding the money that's why it ended up as a loss.

that is what is feared when doing business with relatives or close friends, if without good financial management then destruction will come with great possibility because there is no shame or respect for thinking it is a relative or close friend.
actually there shouldn't be any family or other emotional relationships in doing business, many things must be separated in order to run a business well although there's nothing wrong with building a business with the closest people but the risk of losing close friends and family is the most severe risk you will face.

[slapper]

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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.

What you shared isn't happening to every business partners out there. In fact, I don't see anybody who will just run away with all the money the company has without any deep reason at all.

I mean in reality, we don't see this thing happening more often especially in those huge businesses already. I'm not a business minded person that's why I don't know some of the concerns the business partners are facing, but for sure trust is the main concern. Like you said, your partner can be your partner, but anytime he/she can be your enemy in an instant, and betray you. On the other hand, I assume that these business partners are good businessmen as well, so if one ran away, the other can just rebuild his business, start from scratch on his own since he knows what to do already.

Ohhh I remember one small business that I had with my relative. I will just share it here. We tried to build a small business. At first, it was a profitable business, and we are profiting big, but that profit didn't last for even a month because after 3 weeks, he used all of the money that the business had to buy some vices for himself. Unfortunately, I'm not the one who's holding the money that's why it ended up as a loss.

Alliances in business, people! Like a high-stakes game, it requires trust and dedication. You are placing a wager on their abilities. But suppose faith breaks down. Unfortunately, some people really are dishonest. They'll use deceit and theft to get ahead. Collaborate with them? Really hurts like hell.

Don't let your aversion to dishonesty hold you back. Partnership dangers? Sure. However, the potential payoff is enormous. Find a partner who shares your ideals and aspirations, and your life will take off. Don't rush into anything; do your research on potential collaborators. Be wary of red flags like a dishonest history or a lack of full dedication. Yes, that's the one! Jump in, have faith, and talk it out. Defeat the enemy as a team.

[AnonBitCoiner]

Every advantage has a disadvantage; some businesses succeeded through partnerships with friends and family, while others failed due to a lack of trust.

Trust is the most important issue that is causing problems in various businesses, which is why it is important to have a signed agreement with a lawyer to avoid trust issues in a business so that it ends well.

You are right trust is the basic thing for achievements in a business of partnership so I think that if a person don't have trust on one another so they should avoid partnership because in this case they will fail to continue their business as well as their family bond will also break.

Everyone who is involved in partnership for business should think properly and don't cheat with one another, the resources should also be equally distributed so an ideal partnership will take place.

I think in this era initiate business lonely is better than partnership because if you are alone so no one will be there to interfere in the way of your success and also you will be free to take any decision.

[barbara44]

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.

I heard a different phrase which meaning is the same as that. It goes like this > "business is business, and there is no personal matters involved". That is true so that we can do the business well. Personal matters should be left off outside the working hours.

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!

Being not smart is not the perfect word to say but we should say that he is lazy because the plan is already there but he fail to work on it. To have an agreement and signing of contract is I think depends on how big and serious the project is. If it's only small and can be completed in a short period of time then there is no need for this as it also takes time and money to prepare it.

[bitzizzix]

Although there is no definite answer, the reality is that often starting a business with friends is not a good idea. Although not all are like that and some are successful in doing business with friends, and it all depends on what kind of friends we make true partners.
and I have three experiences doing business with two different friends who failed and failed, and one successful friend.
and the failure of these two businesses was caused because they were not so ready to live it and not in accordance with the initial enthusiasm and this made me feel tired and like running my own business, and this problem is very important even though in other respects they are good but don't forget that this is a joint business that everything must be done together. And because of this problem, the business did not go smoothly and stopped, but we are still friends because they also realized their mistake.
and with friends who are successful in doing business because he is a friend who is truly a friend like a brother and I feel we already have chemistry and a comfortable connection, sharing ideas, capital, innovation, and also sharing risks if the business doesn't go well fine. expected plan. And always do everything together except the constraints that can't be left behind, everything is transparent and also always happy even though sometimes it's not fun. And the business that I run with my friend is just a small but long-term business.

so doing business with friends can be a bad idea, if your friends are not responsible people and people who want to relax.
and it can also be a good idea, if your friend is the committed, responsible and hardworking type.

[Cling18]

When money is involved, it's hard to collaborate with your friends or family members. Even the closest person to us wouldn't mind breaking our friendship and relationship when greed exists. Yes, there are successful business partners but I don't think this setup would last the long run. There will always be comparisons, pressure, and competition if you are running a business with a friend because we can't disregard personal matters if relationships are involved. It's better to put up a business alone or just partner with a professional person who isn't close to you. Someone who is business minded and could only focus on the success of the business with you.

[tjtonmoy]

One thing I have learned so far is that, when it comes to money, don't trust anyone. Money is the only thing that can ruin a good relationship in just a couple of seconds. And when the sum is big, it's more concerning. And the constant fear and doubt is always there. If you really want a sound business, do it on your own. When you find the success, then add others in your circle.
I think, if you are having doubt on someone you call friend, is he really your friend? Avoid those people about whom you feel unsafe.

[bbigtart]

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 must be admitted that doing business with friends has its own challenges, especially if there are no clear arrangements regarding financial control. These challenges can be in the form of greed or disputes in making financial decisions. However, that doesn't mean doing business with friends can't go well. it is very important to maintain good communication with each other and make clear agreements regarding financial control from the start. This can include the division of tasks, financial arrangements, and long-term financial planning.

Because running a business with friends must also have an attitude of mutual trust and mutual respect for one another. Open and transparent communication on financial matters can help maintain mutual trust and prevent conflict. In doing business, decisions are sometimes required to withdraw money or make large expenses. it is necessary to make decisions jointly and based on an agreement from the start. This helps to avoid greed which can harm business as happened with your friend, it's a shame that the business has been running for 5 years.

in conclusion, doing business with friends can be a good choice if done with good arrangements and open communication. Good financial control and joint decision making can help keep the business stable and growing.

[Kelvinid]

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.

No way running a business will succeed without trust and that is what we need to build up. That is why we should consider having a partner that can be trusted as well especially when it comes to money and must be transparent with all the transactions we made - liquidation and complete listing is very important.
These things should have been carried both of you to avoid misunderstanding otherwise, it fails.
 - behavior
 - positive attitude towards the business
 - positive mindset

[odunybiz]

A friend can be a trusted business partner, but a business partner cannot be a trusted friend.

I love this quote too much. It's so difficult to make a trusted friend when running partnership with him. Just try this out among 100 friends (give them $10,000 to share), almost 90% friends will fail. This is when greediness and selfishness will come in.

If I have a friend and we discuss starting a business together, we would probably know each other well and understand that none of us will deceive the other if we become business partners, and that is the most important thing, to evaluate and understand the person before you get into business with them.

No matter how many years you have been together, you may not be able to assetain how greedy a friend may be when it comes to money. And remember a good friend may change with time due to some factors. Some of these factors include others friends influence, wife influence, family influence and many more. So I prefer a legal backup and both bodies as signatory to the account when partnering with anyone.

[ChiBitCTy]

This is a really tricky one.  I think if you do decide to go in to business with a friend, first you better fully trust in their skill level and what they bring to the table, forget friendship for a moment.  If you do, and you see something special in them, then maybe it's worth considering.  I have a friend who always mentions wanting to open a business together.  I would never ever do so because I don't trust their business savvy, or lack thereof.  Plus you risk ruining a relationship (this is always a risk)..so if you do decide to try it...know what the possible outcomes are.

[JeffBrad12]

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.

No way running a business will succeed without trust and that is what we need to build up. That is why we should consider having a partner that can be trusted as well especially when it comes to money and must be transparent with all the transactions we made - liquidation and complete listing is very important.
These things should have been carried both of you to avoid misunderstanding otherwise, it fails.
 - behavior
 - positive attitude towards the business
 - positive mindset

business could always strive without trust, what matters most is how you really build the system that prevents of misuse the authority given, there's reason why in company that already went public, even founder could be kicked out from the companies merciless if they didn't fulfill the requirements, it's because how the system works ensure that the stock holders gonna get most benefit and keeping the company alive by allowing these high rank company authority in check.
when it comes to business with friend, just do everything from legal perspective, you want to do business make it legal contract, like many have said, but of course there's always something that gonna become messed up, i deemed best course of action would be to make no business with these friends at all.

[lienfaye]

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.

That's the risk of having a partner when you have business. Because there's always a possibility for the other to have a change of mind and become greedy because of money. The reason why if you'd like to build a business with a friend, make sure you know him inside and out as one that you can trust and rely on.

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.

Aside from the skills and knowledge on how good he is in the business that you'll build, it's important that you are comfortable with the person. You can share ideas, criticism and open to each other. In short he should be someone that you can trust, much better if you known him for a long time so you already know what kind of person he is.

[Lubang Bawah]

It's sad to see this case, because money from friends who are already in business has become a traitor, of course this is not the first story and not the last, money crimes will continue to occur because everyone likes money, what we have to do when doing business is to strictly control all expenditure.

[smile1218]

Well having or doing a business with a friend could include a high level of trust and familiarity with each other, which i think it can lead to a better communication and collaboration. Being friends you do share similar values and goals, which can make decision-making and problem-solving much easier. On the other hand there is also potential disadvantages to doing business with a friend. Personal conflicst or disagreements could have a negatively impact the business relationship. It can be difficult to separate personal and professional relationships that can lead to tension or resentment if one partner feels like they are doing more work or contributing more to the business. If the business fails it could put a strain on the friendship.

[xSkylarx]

It's sad to see this case, because money from friends who are already in business has become a traitor, of course this is not the first story and not the last, money crimes will continue to occur because everyone likes money, what we have to do when doing business is to strictly control all expenditure.

but still it is more trusted having a business partner that is your friend because you know him well but then that again the bad side on it which will make you blind on something because you trust your partner well but as long as you dont give your 100% trust on him and also check everything and get to hands on the business for sure you'll know if he is trusted or not. Right now if you arent cautious you'll be cheated so to prevent it make sure that you have an eyes everywhere