"Far better to have friendship founded on business than have a business founded on friendship."
Iron-clad rule from now on for me. Lesson learned.
Iron-clad rule from now on for me. Lesson learned.
Lesson learned.
Quote: (07-14-2010 04:04 PM)kindredspirit Wrote:
"Far better to have friendship founded on business than have a business founded on friendship."
Iron-clad rule from now on for me. Lesson learned.
Not quite sure what your situation was, but I will say that buisness partnerships can be very tricky situations, and can change friendships drastically, (I know this from personal experience). Really I think what it boils down to is how compatible your personalities, goals, ideas, investment, and work ethic are. Sometimes you can be great friends with a person, but if they are lazy and don't put any effort into your work, but want an equal share of returns, then it doesn't add up. If you're every doing a partnership with anyone, especially a friend in buisness, it's good to sit down and discuss and agree upon almost every point of consideration, from investment, work involvement, profit sharing, etc., as well as possible issues/problems that could arise and how to go about dealing with/solving them. Even if someone is your boy, that you've been friends with for days, it's always good to have shit in writing, signed upon (contract style), so if one of you starts flaking or claims they didn't agree to something, you can have hard factual proof.
Quote: (07-14-2010 04:20 PM)OGNorCal707 Wrote:
Even if someone is your boy, that you've been friends with for days, it's always good to have shit in writing, signed upon (contract style), so WHEN one of you starts flaking or claims they didn't agree to something, you can have hard factual proof.
(fixed)
This is the most important part as well as having a lawyer drafting (or at least reviewing) the agreement before you sign it. The lawyer will also help you with details what should be there - things like how you split the business, what happens with profits, and how a part of a business could be sold or transferred as well as many others.
Quote: (07-14-2010 04:04 PM)kindredspirit Wrote:
"Far better to have friendship founded on business than have a business founded on friendship."
Iron-clad rule from now on for me. Lesson learned.
lol... one of the hard and fast rules of life I think. But it tends to need to be learned first hand, as most people inherently love the idea of going into business with their friends. It just sounds fun, and it can be for a while while things are good.
Long story short, I'm also short one former best friend now. I was the best man in his wedding.
Friendship and business are generally like oil and water.
« Next Oldest | Next Newest »
Users browsing this thread: 1 Guest(s)