Concers About Going in Business with a Friend - page 5.

YinShuiSiYuan

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Quote from: Huppercase on May 01, 2023, 01:57:21 AM

Quote from: mvdheuvel1983 on April 24, 2023, 02:12:32 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.

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.

Huppercase

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Quote from: mvdheuvel1983 on April 24, 2023, 02:12:32 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.

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.

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I just want to ask what is the reason why his partner left the business besides bringing the money? have you been tempted by money or have you become wild with money?

You know, it's a little sad that stories like that are friends whose long time together is broken just because of money. That's why I really believe that there are only two types of people, who control the money or we control the money.

That's why I'll make sure that my best friend is the person I test during times of crisis, we are together and always help each other during this situation.

glendall

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sometimes building trust in others is very difficult, especially with business friends,
Worries about being deceived by business partners will always overshadow the truth, looking for a business partner must be open to each other in financial matters when building a business so that one day if one has financial difficulties one can openly withdraw investment funds at the beginning, but this is hard to find
the most comfortable thing is to build your own business slowly and believe that the business we have will grow on its own if we are active

Twentyonepaylots

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Quote from: domoy77 on April 30, 2023, 04:12:18 PM

Quote from: ichsan ardi on April 30, 2023, 03:53:57 PM

So far I do business with my friends, the business runs smoothly and there are no problems, but we cannot entrust 100% of our business to our business friends. We must always check according to existing procedures and discuss existing problems with each other because business is a business of many friendships. it's not good just because of money even family relationship is also like that to solve the problem it doesn't happen still always be wary of our own friends or family because money can be a source of problem in relationship

Doing business cannot trust anyone 100% even your family, there should be suspicion to anticipate financial abuse from your staff, but in the current era it is very easy to identify company finances because everything is recorded in the application so any errors can be easily found, so all procedures apply to all employees without exception your friends and even your family.

Also, those close to you tend to take you for granted since they know that they are close to you. That is why I might not be interested to make business with a family or friend since there could be a lack of professionality in the workplace that may results to some problems on the business. But, this does not mean that it cannot happen since there are some people who are really business oriented that they are passionate and serious on what they do and know how to be professional, setting aside the idea of being friend but rather be a business partner who do its part in making the business successful. So, you learn to assess your potential business partner since they would really affect the way your business would work and also how successful can it be in the future.

domoy77

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Quote from: ichsan ardi on April 30, 2023, 03:53:57 PM

So far I do business with my friends, the business runs smoothly and there are no problems, but we cannot entrust 100% of our business to our business friends. We must always check according to existing procedures and discuss existing problems with each other because business is a business of many friendships. it's not good just because of money even family relationship is also like that to solve the problem it doesn't happen still always be wary of our own friends or family because money can be a source of problem in relationship

Doing business cannot trust anyone 100% even your family, there should be suspicion to anticipate financial abuse from your staff, but in the current era it is very easy to identify company finances because everything is recorded in the application so any errors can be easily found, so all procedures apply to all employees without exception your friends and even your family.

ichsan ardi

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Quote from: mvdheuvel1983 on April 24, 2023, 02:12:32 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.

So far I do business with my friends, the business runs smoothly and there are no problems, but we cannot entrust 100% of our business to our business friends. We must always check according to existing procedures and discuss existing problems with each other because business is a business of many friendships. it's not good just because of money even family relationship is also like that to solve the problem it doesn't happen still always be wary of our own friends or family because money can be a source of problem in relationship

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Quote from: bayu7adi on April 30, 2023, 02:22:56 PM

We all know that every individual in this world possesses a unique and distinct character. In business, it is crucial to have a shared goal that must be achieved. In fact, one person must yield to prioritize their idea in the business they are running, as it is impossible to run a business with two different technical ideas simultaneously. Differences in opinion and ego are the key factors that play a significant role in the success of a business conducted with others. Even friends with similar frequencies may find it challenging to run a business together due to their differing ideas.

In my environment, almost everyone who is involved in business with friends has to part ways. There are several reasons that will make the partnership end, one of which is wrong management. For example, in one joint business venture with the same capital, it will certainly give birth to two leaders, as a result of having two positions of leadership, of course, different policies will be made. It's very common for everyone to need recognition when the business is progressing and of course one of them will feel uncomfortable due to being dominated by one of them and coupled with excessive suspicion that causes the destruction to occur. So I hope that we still have to build a business without having to share, it's better to stand on our own feet by opening business relationships as widely as possible.

bayu7adi

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We all know that every individual in this world possesses a unique and distinct character. In business, it is crucial to have a shared goal that must be achieved. In fact, one person must yield to prioritize their idea in the business they are running, as it is impossible to run a business with two different technical ideas simultaneously. Differences in opinion and ego are the key factors that play a significant role in the success of a business conducted with others. Even friends with similar frequencies may find it challenging to run a business together due to their differing ideas.

retreat

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And because of that as much as possible to be able to avoid business dealings with friends, because there have been many stories from people who were betrayed by their own friends when the business they had built was successful. There is even a saying that "money knows no blood" meaning that anyone, whether friends, relatives, even our own parents can be evil when it comes to money. I'm not saying that building a business together with friends or people closest to us is a bad idea, sometimes it's much better, but it's good that we don't believe 100% and leave everything to our partners, sometimes we also have to be wise and anticipate the worst before it happened.

umbara ardian

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Going into business with a friend can be a tricky situation, as it involves mixing personal and professional relationships. Even though friends may have a close relationship, it's essential to treat the business partnership as a separate entity and create legal documents that clearly define each partner's roles, responsibilities, and profit-sharing arrangements.

Documenting the partnership in a legal form can help prevent misunderstandings and disputes down the line, and it's crucial to ensure that both partners fully understand and agree to the terms outlined in the agreement.

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Quote from: mvdheuvel1983 on April 24, 2023, 02:12:32 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.

Going into business with a friend can be a fantastic experience, but it can also bring unique challenges and potential risks. The biggest concern is the possibility of damaging the friendship if things don't work out, especially when there are conflicting opinions or misunderstandings about the business.

To mitigate these risks, it's important to have open and honest communication from the start. This means defining roles and expectations clearly, developing a detailed business plan, and discussing how to handle disagreements in a respectful and constructive manner.

It's also essential to separate personal and business issues as much as possible. Having a clear separation between the two can minimize the emotional impact if there are disagreements or financial difficulties.

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Quote from: CageMabok on April 27, 2023, 08:53:08 AM

And sometimes it is also very difficult to know the true nature of our business partners, because the business partners we trust can also hide their true nature in front of us in order to achieve goals that have never been told directly to us. So betrayal always begins with mutual trust so that there is no suspicion at all before it happens to an ongoing business.

I prefer to run my own business without having to involve more people in it. And even if I have to use several people who I will pay as employees in my business, I also will not allow them to fully manage finances so that there will be no betrayal in the future. Because of the many betrayals that occur, it always starts with money, not from anything else.

It is not even hiding at times, it is just not being able to know that it exists. Like if you never started your own business before, but start it with your friend, maybe you will learn about yourself too? Maybe you are too timely and anyone who is late bothers you, maybe you are too hardworking and that is not matched with others, you may think you know yourself but how much could you even know about yourself without first testing and seeing how you are.

This is why I feel like it is not going to be hiding, sometimes it is unearthing that feeling. This is why two people starting a business could mean that they could have a much better response, or it could mean that it will end up being terrible as well, we would never know how it could go.

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Quote from: mvdheuvel1983 on April 24, 2023, 02:12:32 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.

In the first place, those are only two if, for example, the business you built with your close business friend does not succeed, either you are tempted by money or you are honest in your association as business partners because of mutual distrust.

It's hard to partner with someone you can do business with if you yourself doubt him, and the business partner we choose must be 100% trusted and you really know the type you witnessed the beauty of your company.

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Having a business with a friend is both a good and bad idea. It is money we are talking about and we all know people are different with onr another. Once greed take place between friendship, for sure outcome won't be good as expected. I would prefer engaging to business alone not because I am greedy of growth but jist avoiding to cause any conflict to my social relations. Atleast in such way, there will be no one to blame; businesses has risk of losing money. Same thing goes if it succeeds. The only difference is that you'd be the only one responsible for whatever outcome it would be and that is I think better also to an extent wherein you'd be able to move, decide and act for your business' growth, freely without the need to consider other people's viewpoint. But this is more to avoid possible problem with my circles.

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honestly when it comes to money someone gonna do anything for it, betrayal when in business is very common there's reason in everything in business there's contract.
you just don't trust people's words when it comes to business but trust their statement in legal way, that's guaranteed by the law. if it's business with friend, make a contract, make system that doesn't matter how much they try to trick you, they can't because the system says so, there has been many cases that I see so many are getting betrayed by their own friend whether their money getting stolen, etc these friend are also have their own brain in which could do some silly thing when it comes to money, so I'd usually never ever gonna start business like start up with friend it's just not worth it and it could destroy your friendship for long term.

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Business with friends can be successful, but they must be people who genuinely care about each other and want to move forward in life together. Keep in mind that money is a tricky thing. When a business becomes successful, friends often become enemies because there is something to share. So it all depends on the individual.

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Quote from: Similificator on April 26, 2023, 05:43:26 AM

It really depends entirely on the people involved.

And if you are wondering whether you should do it or not, then I suggest that you think about it more carefully. Usually, personal relationships and business do not mix well which would make anyone think that it'd be better to never do businesses or investments with friends or family since this would save not only your capital funds but also your relationship with them. In some sense, this kind of thinking does make sense, but this does not apply to all scenarios/situations. For instance, if a friend or family has the qualities, skills, temperament etc., that aligns with your standards and trust that it would benefit the business or investment you are planning to make, then collaborating with those people would be the best decision. Again, it really depends entirely upon the people involved, that's just how it is.

There are examples of people who did it and they were fine, and there are examples where people did it and it was terrible. Apple, microsoft, facebook all of those started by bunch of friends, and they did very well so there are examples that it does work very well. But we have heard bunch of examples where it did terrible as well so it wasn't really a huge deal neither. So all in all I would guess that it was alright but not amazing or terrible, just alright.

I personally wouldn't do it if I had the chance, there is no reason to trust something like that and it would be smarter to avoid it if you could, I didn't really avoid it too much but just didn't had any chances and would suggest the same to others, just don't do it if you can avoid it.

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Quote from: Raceonsucced on April 27, 2023, 08:36:25 AM

Betrayal is common. If I do business with someone. What I'm worried about is what you said. Friends take the company's money and never come back. As usual, sometimes it all starts with greed. And ended up being a betrayal. When building a company together, we must really trust each other. And we must know the true nature of our business partners.

And sometimes it is also very difficult to know the true nature of our business partners, because the business partners we trust can also hide their true nature in front of us in order to achieve goals that have never been told directly to us. So betrayal always begins with mutual trust so that there is no suspicion at all before it happens to an ongoing business.

I prefer to run my own business without having to involve more people in it. And even if I have to use several people who I will pay as employees in my business, I also will not allow them to fully manage finances so that there will be no betrayal in the future. Because of the many betrayals that occur, it always starts with money, not from anything else.

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There is a saying in Russia: "Friendship, friendship, but money apart". And also the fact that if you lend money to a friend, you already receive a debt from the enemy.
In summary, it can be said that all business relationships should not be related to friendship. If there are two friends who jointly open one business, there can always be a crisis in the relationship, and someone will betray them. Therefore, trusting but always verifying is the right attitude.

Topic: Concers About Going in Business with a Friend - page 5. (Read 1040 times)