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If you have had a partnership with a friend can you please give me the good and the not so good apsects so we can work to avoid mishaps? Thank You

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    • +1 votes vote up vote up

      Mysticalpatterns wrote Apr 8, 2011
    • First of all I want to commend you for having the foresight to ask this question.  You would be surprised at how many people just go into similar situations and feel like they will figure it out as they go only to end loosing a friendship and/or a business.

      I actually wrote a blog in this exact topic awhile back for another site that I never posted.  I have shared it on here under Entrepreneurship blogs if you want to check it out.




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    • +1 votes vote up vote up

      Tuliplady wrote Apr 8, 2011
    • First off, I would caution you about going into business with a friend.  You may think you know someone well, but a business partnership can make you see whole new parts of each other.  If things go badly, are you prepared to loose this friendship?

      That said, I’d make sure you have everything and I mean EVERYTHING down on paper.  Who is going to provide the startup capital?  Once you‘re making a profit, how is it going to be split, what hours are each of you going to work?  If the business doesn’t work out (or you both get tired of it), have a plan in place for ending it well and splitting the assets.  How are you going to handle growth?  Plan for that because her ideas might be different than yours and you want to know that now, not a year from now.




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    • +1 votes vote up vote up

      Angelcart wrote Apr 8, 2011
    • I agree with TL 100%.




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    • +2 votes vote up vote up

      UK Girl wrote Apr 8, 2011
    • I have had a partnership with a friend for over 30yrs - first and foremost when asked this in magazine interviews etc I always say :
      1- have a clear vision of the business and a plan and write this down.
      2- know each others strengths and weaknesses.
      3- allocate work fairly
      4- never ever assume as your mates it will be easy
      5- at work your not mates your work colleagues and you should have that mindset.
      6- discuss every week the week and plans ahead and air any grievance before it turns personal.
      7- never relay on the friendship to get just get over difficult conversations - deal with it professionally - if possible when you have a stalemate get an outside voice to arbitrate..
      Hope this helps and you have a long and lasting partnership and friendship and finally yes it’s normal to have bad days - for over thirty years we have both wanted to kill each other daily but we call it passion !




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    • +1 votes vote up vote up

      Msj wrote Apr 8, 2011
    • Wonderful Answers FAB Ladies!

      in my 20’s I had a business with a friend and when it became very profitable, she demanded 60-40  Her the 60% of course.... we ended it and lost potential wonderful business....and being so young, I just said forget it and moved on. I did not figure out the details... or issues.

      I have had the fear of repeating that and one thing made me chuckle, just yesterday I was writing my strengths and weaknesses of my perception of each of us... also holding my breath a bit but decided if I can’t be honest enough to tell her what I feel her weakness are and hear her perceptions about me, we would not have a strong business..
      Thank you again!
      If you think of anything else we both appreciate it!heart




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    • +1 votes vote up vote up

      Msj wrote Apr 8, 2011
    • Mysticalpatterns,
      I can’t find your blog!




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    • +1 votes vote up vote up

      Mysticalpatterns wrote Apr 8, 2011
    • If you go to my name/profile there is a tab with ‘blogs‘.  I think you can get to it that way.




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    • +2 votes vote up vote up

      Mysticalpatterns wrote Apr 8, 2011
    • One more thing you are no longer 20...:) with age comes wisdom and often more confidence which also helps when a balancing act is needed.  happy




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