Concers About Going in Business with a Friend

DrBeer

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Quote from: posi on May 15, 2023, 01:22:10 AM

Totally agree with you. Maybe when we play together and live together, we are good brothers and never quarrel or quarrel, but when it comes to business, things involve money. We should say everything clearly to each other, there should be a contract, an agreement between the two parties, and it is better to have it notarized by the local government. If it comes to work, don't bring emotions to the conversation, everything should be clear between public and private issues. Only then can we go far together.

As for me, I really don't like doing business with anyone, not even siblings. There will be many problems that happen that we do not anticipate.

That is the reason for what I have described. Many relatives / friends, at the time of creation, build "pink plans" exclusively about success. But often they are not ready for reality. And when reality comes with a bunch of problems, they begin to remember that they are relatives / friends and they should have other relations with them, and not honest partnerships, where it is customary to share profits and losses within the framework of pre-adopted agreements. It has always been difficult for many, if not most, to do business with loved ones. But for this there is a rule about which I described: an agreement where all the main points and situations are described, and sealed with bilateral rights and RESPONSIBILITIES!

BobK71

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Doesn't matter how close your friend, there will be a different situation if there is money. Either he will not trust you or you can't believe him. This is the situation which is most common in the partner business. However, if the basic structure of a business is correct and the business is conducted systematically, then the partnership business will survive. All the issues for conducting business should be kept in the form as the Document. There are some places where some are conducting good business with friends and many businesses are breaking down.

BVeyron

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Quote from: mvdheuvel1983 on April 24, 2023, 03:12:32 PM

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.

Money spoils people, that's a sad truth... Many successful business projects were launched by a small team, sometimes even by only two friends. And when the project becomes profitable, conflicts emerge. Often former partners start sueing each other, splitting business etc. And if someone wants the great deal of money, then he/she should do the best to successfully beat the former friend, and take the whole business initiative under undoubtable personal control. Nearly all biographies of well-known entrepreneurs contain such steps on the way to money and fame.

Viscore

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Quote from: SOKO-DEKE on April 24, 2023, 05:20:57 PM

Quote from: mvdheuvel1983 on April 24, 2023, 03:12:32 PM

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.

As you have said their many people that do join business with their friends and both due succeed without betraying each other and are also many to that did and betrayed. we should know that all human beings cannot have perfect mind and with that they can't be all truthful.but all it requires is trust, once you are able to study your friend well and found he/she with truthful character and you believe it will be very hard for someone to convince he/she away from the truth line,why will I be afraid of doing business with such person?as for me i believe much about many friends I have because their character toward make me, make me believe much in them that they can't betrayed me on any way but they may surely be some among them that may have bad mind ooo but I never witness that habit from them any of them because I don't make much friends and even before we agree on any business there are will be agreements between both of us.some people say trust nobody, but we need to trust some one in order to make some our ways easier.

I have to agree with this. We don’t need to take our ventures alone if we have some trustworthy friends that we can rely all the time. If I were to build a business with my friends, I think that would be easier for the business to prosper since we are both working for our business to grow and yield high returns. However, we should always chose those real friends from fake friends. But if you have been dealing on that person for a long time and you know each other’s personality and family background as well, then there’s no reason that you can’t give your complete trust to him and make him as your business partner.

posi

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Quote from: DrBeer on May 13, 2023, 04:03:10 AM

From personal experience: the basis of a joint business, ALWAYS make agreements, written and signed by all parties. What yesterday you considered or was friendship or trusting relationship - in a difficult or vice versa, very good situation, can become completely different ... Describe everything - who invests how much, how profit is divided, how losses are divided, how funds are raised, clearly state obligations and the responsibility of each of you, including penalties ... Believe me - this is not distrust, this is just complete trust between partners who are not afraid to fix their agreements and obligations to each other!

Totally agree with you. Maybe when we play together and live together, we are good brothers and never quarrel or quarrel, but when it comes to business, things involve money. We should say everything clearly to each other, there should be a contract, an agreement between the two parties, and it is better to have it notarized by the local government. If it comes to work, don't bring emotions to the conversation, everything should be clear between public and private issues. Only then can we go far together.

As for me, I really don't like doing business with anyone, not even siblings. There will be many problems that happen that we do not anticipate.

19Nov16

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Money is indeed proven to make people we trust become criminals in a short time, I'm sure he has been planning this fraud for a long time, but because he knows a good opportunity, he immediately executes it, of course this brings many valuable lessons for those of us who will make a business and use the services of friends to manage, always be vigilant and exercise strict control so that we experience this.

Moeda

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Quote from: mvdheuvel1983 on April 24, 2023, 03:12:32 PM

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.

Something that is difficult to build in a business partnership is mutual trust. Trust will be established only with friendship. However, suspicions began to arise when the business that had been built was successful, and at certain times the income was not as good as usual. There is no other solution except to get rid of all bad prejudice to our business partners. However, if business partners have the intention to cheat as you describe, of course they have chosen the wrong friends from the start.

But we shouldn't feel down after such conditions occur, because they will feel proud to tell others when something bad happens to us. We have to be able to get up and start a new business until it's successful, and people who deceive us will feel guilty when they decide not to cooperate, or commit fraud.

flyingcarpet

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Quote from: mvdheuvel1983 on April 24, 2023, 03:12:32 PM

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.

How long have I known my friend? What are their thoughts on money? What would he think if he had too much money? Establishing trust is not an easy thing. But once it is achieved, things get easier. How does he treat his family? How does it approach the environment? All these questions are questions that should be asked beforehand in order to do business with a person.

I wouldn't start a joint venture without getting the answers to these questions.

Paul Pogba

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When doing business, of course all decisions related to assets and finances must be mutually agreed upon, when there is a business friend who wants to withdraw cash at the bank, we must be aware of it, especially if our share portion is larger, it is better not to give the opportunity to know or control finances.

ringgo96

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In doing a business, trust and honesty are very important things because from there we can build our business partners easily, but we don't trust someone completely because there are many business friends who commit crimes when they see the benefits they have obtained, so there are certain things that we really have to keep secret to keep each other from happening things that we don't want.

Fortify

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Quote from: mvdheuvel1983 on April 24, 2023, 03:12:32 PM

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 there are far fewer stories of success in businesses started by friends and family, than there are disasters where relationships have suffered great strain because of issues in the business. Business often requires a single leader to drive the direction, so if you end up with compromises or stuck with opposing views on important decisions then you might fall out. It adds a whole new dimension of extra stress and may bring out a hidden, worse, side in some people x

Gallar

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Quote from: mvdheuvel1983 on April 24, 2023, 03:12:32 PM

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.

Actually a problem like this, it is difficult to avoid it. Because human actions are very difficult to predict. None of us know about the contents of a person's mind, let alone what is in his heart, we certainly will not know. So when co-workers will lie, or betray, we cannot predict all of that.

Therefore if you are going to open a business and have partners in the business. You have to be able to find co-workers who are really close to us and the possibility of betrayal is small. By running this way, in my opinion, it will slightly reduce the worst possibility. But even this way cannot guarantee 100%, that there will be no conflict or betrayal with your co-workers. Because as I said, human actions are unpredictable, and their attitudes tend to change. So basically, you have to be more careful in running your business, don't trust your co-workers too much (just in case), you have to be open with each other and always manage everything together. And if you do all of these actions, I think a business will be more controlled and will reduce the potential for fraud from colleagues.

ancafe

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Quote from: mvdheuvel1983 on April 24, 2023, 03:12:32 PM

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.

Currently I'm still running a small business with my friends, there are levels of ups and downs when doing business with other people, both bringing money and being lied to about sales results. The mistake is not in the business we are in, but we are working with the wrong people, you need to verify who your friends are in business and what their background was before.

Quote from: mvdheuvel1983 on April 24, 2023, 03:12:32 PM

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.

We made an agreement at a notary as an effort to ensure that the business trip we worked on together, in the agreement we made was witnessed by the families of the three parties, so that if something goes wrong we will sue civilly and criminally. Until now there have been no obstacles in the small business that we manage with three friends and every year we get a fair share of profits, because in the agreement at the notary we have made legally binding rules, both the initial capital and profits.

But I agree that it is not advisable to do business with people whose origins have not been verified and crimes are usually committed not on purpose but because there is an opportunity. So try to be more selective in choosing business partners.

mich

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Yes it would be very concerning for me going into business with my friend. If two friends are putting money to do a project and at first they assume all the risk that whatever money they are putting together to do this project is to make a profit.
But instead, the project ends up costing more than what was expected and one of the friends bails out of their commitment to fund the project. And the other is stuck with the bill to pay for the cost of the project.
It would become a difficult issue to have to deal with it and would ruin not only a partnership but a friendship. If you need to do this, have a business plan so that when you are ready you don’t have to rely on that friend and have to put a friendship in jeopardy.

DrBeer

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From personal experience: the basis of a joint business, ALWAYS make agreements, written and signed by all parties. What yesterday you considered or was friendship or trusting relationship - in a difficult or vice versa, very good situation, can become completely different ... Describe everything - who invests how much, how profit is divided, how losses are divided, how funds are raised, clearly state obligations and the responsibility of each of you, including penalties ... Believe me - this is not distrust, this is just complete trust between partners who are not afraid to fix their agreements and obligations to each other!

adzino

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Quote from: mvdheuvel1983 on April 24, 2023, 03:12:32 PM

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.

How can someone just disappear with the "company's money"? How was he able to withdraw all in cash? He does know his friend. He does have his ID and stuffs. Finding where he is hiding would have been a piece of cake for the law enforcements (unless he escaped the country, and the police would know that too after little investigation...). So did he report to the cops or not?

As long as you trust him, you should be fine. Register your business, put conditions on how someone can handle the company's money. Never let one person have full access to the funds.

Swordsoffreedom

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Quote from: xSkylarx on May 12, 2023, 09:04:57 PM

Quote from: uneng on May 12, 2023, 01:55:14 PM

Quote from: xSkylarx on May 12, 2023, 12:24:14 AM

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

To start a business with a friend as partnet is a risky deal. You have to trust that person a lot, because there are many variables which can happen on the middle of the way that will impact your business negatively due to your friend: he may lose motivation, deciding to stop working and dumping all the responsabilities and debt on you, he may not fulfill your expectations regards his work on the business, he may start creating disputes with you due to the belief he isn't being fairly valued...

That is why entrepreneurs avoid partners, and stick to employees only. This way they have total autonomy over the people who work with them.

Most entrepreneurs prefer investors to business partners because the reason they have them is to manage as well as have financial support because they are too busy or need more funds. Also, it just came to mind that if your business partner is completely random, your instinct is always to not let your guard down, meaning you are always investigating him, so you can prevent those bad things from happening, but again, this depends on the person, as some want no partner and others want the opposite.

It's also part of the risk in business, everything is risky, it's perfect or not, it's all up to us. Sometimes collaborating or doing business together is a good thing because no one is perfect, and working together helps to fill each other's weaknesses. From there, we can maximize the strengths of our business.
I am also doing business with a friend, and things are going very well because we trust each other. If you want others to sacrifice for you, you have to sacrifice for others first. You can't ask them to trust you while you always doubt them, trust needs to come from both sides. And sometimes, there will be a small sacrifice to make things go smoothly.

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Quote from: bittraffic on April 24, 2023, 03:29:51 PM

Quote from: mvdheuvel1983 on April 24, 2023, 03:12:32 PM

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'd be concerned about my friend's financial status. If he has a stable income and is responsibly taking care of his family.
Success stories are likely to be friends who have the kind of personality that is really trustworthy and the two give importance to the relationship.

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.

Financial stability and good family background should be highly regarded when it comes to choosing a business partner. Regardless if you are long time friends, that’s not enough guarantee that he will never cheat against you. Even if he’s trustworthy in some aspects, but I believe when it comes to money, the whole personality will be different. Especially if he can be easily influenced by his family and relatives, knowing blood is thicker than water, then he might end up doing things against your business knowing he’s manipulated by his own family. That’s why if I can do business on my own successfully, I guess that way is safer for me.

xSkylarx

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Quote from: uneng on May 12, 2023, 01:55:14 PM

Quote from: xSkylarx on May 12, 2023, 12:24:14 AM

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

To start a business with a friend as partnet is a risky deal. You have to trust that person a lot, because there are many variables which can happen on the middle of the way that will impact your business negatively due to your friend: he may lose motivation, deciding to stop working and dumping all the responsabilities and debt on you, he may not fulfill your expectations regards his work on the business, he may start creating disputes with you due to the belief he isn't being fairly valued...

That is why entrepreneurs avoid partners, and stick to employees only. This way they have total autonomy over the people who work with them.

Most entrepreneurs prefer investors to business partners because the reason they have them is to manage as well as have financial support because they are too busy or need more funds. Also, it just came to mind that if your business partner is completely random, your instinct is always to not let your guard down, meaning you are always investigating him, so you can prevent those bad things from happening, but again, this depends on the person, as some want no partner and others want the opposite.

JeffBrad12

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Quote from: naikturun on May 12, 2023, 11:29:22 AM

Going into business with friends can be a challenging but rewarding experience. Some of the biggest concerns include maintaining the friendship, managing expectations and responsibilities, and handling conflicts and disagreements.

i'd say that's not a challange, imagine going to start a new business yet getting scammed by our own friends, that alone is already such problem, it's just adding more unnecessary problems in our heads, if we could start business with some stranger but always acts professionally that a hundred times better than having business with friends.
quite frankly sometimes starting business with friend just doesn't feel worth it at all, most of the time they just outright do something that's out of normal routine that's like smuggling etc, not that i have trust issue with friend but usually the people that know you usually takes things too lightly.

Topic: Concers About Going in Business with a Friend (Read 955 times)