Pros and Cons of Doing Business with Friends | 026

Pros and Cons of Doing Business with Friends | 026

CHALLENGES:

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

THE GOOD:

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 

CONCLUSION: 

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. 

A 10 Year High School Reunion | 027

A 10 Year High School Reunion | 027

Lessons I Learned From Leaving a Good Job - #2 Respect Money | 025

Lessons I Learned From Leaving a Good Job - #2 Respect Money | 025

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