Pros and Cons of Doing Business with Friends | 026
03:10 - Knowledge of personal life (too much information)
04:18 - Checking the Ego at the door
05:39 - Taking direction from your friend
06:23 - A blurred line between time to have fun and time to be serious
07:02 - You don't want to hurt each others feelings
07:44 - You forget to do things friends do
08:23 - Failed business can lead to a broken friendships
09:02 - Your business conversations are not always keep private within the business
10:47 - During execution of vision, motivation and grit don't always sync up
11:56 - Surround yourself with people who get it
13:44 - Builds a strong culture
14:09 - Fulfilling a vision with a friend makes for the best story
14:35 - Know and respect each others strengths and weaknesses
15:02 - Accelerates a friendship
15:43 - Creates a slightly tighter bond in comparison to others in friend circle
16:39 - Brings families and friend networks closer together
Doing business with friends is better than not doing business at all if you have aspirations of doing business. If you can put the business first and check the egos at the door each day, doing business with friends is a blessing and a privilege.
The benefits outweigh the cons but you can't discount the challenges.
Before you start, sit down and have a serious conversations. Map out your vision and get a working agreement in writing to help structure how you'll handle things to maintain the friendship while building the business.