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Hey Buddy? Questions to Ask Before Going Into Business With a Friend

July 21, 2014

Filed under: Business Law,Business Planning — Tags: , — Neel Shah @ 4:52 pm

It’s exciting to think about the prospect of going into business with someone you already know, but this step should be taken carefully or you might wind up with a difficult working relationship and an impaired friendship. Here are some of the most important questions you should review when thinking about whether a friend equals an ideal business partner.

Hey Buddy Questions to Ask Before Going Into Business With a Friend
(Photo Credit: vanityfair.com)

  • How much trust do I have for this person? You’ll see that numerous experts compare business relationships with marriage. Are you willing to go through ups and downs, which are all part of running a business, alongside this individual?
  • How does that partner improve and build on your brand?
  • Does this person have a selling point or critical skill that you’re missing? It can be a good idea to work with someone who offers something that you don’t. If you’re missing executive experience, for example, perhaps look for someone who offers that.
  • What is their life position? It could be difficult to work with someone as a partner who is not in a stable life location. Although this doesn’t meant that your partner has to have all his or her ducks in a row, someone just coming out of a bankruptcy might pose risks for your company.
  • Would a pilot project work? Before committing to a full-on business together, maybe trying out a small version or pilot project will give you a sense of your strengths and weaknesses.

To talk more about concerns of a business at the startup stage, contact us through email at info@lawesq.net or by phone at 732-521-9455 to get started.

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