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Going into business with a friend can sound like a really great idea and many people do it successfully. Unfortunately, I’ve seen it time and time again where misunderstandings, life changes and frustrations lead to the breakdown of the business and also the friendship.  The good news is, these breakdowns are often avoidable with the right preparation and a rock-solid iron-clad agreement.

In this episode, I flag the areas that I consider absolutely vital when going into business with a friend. I discuss the importance of recording your agreement in writing and being crystal clear on every little thing, down to the smallest detail. I share some of the common areas that lead to breakdowns and how taking the time to do things properly can help you navigate any grey areas that arise between business and friends.

The best scenario is that you’ll never have to rely on your document but if you are starting a business with your friend, do it with your eyes open and take the time to put everything in writing at the very beginning. You’ll never regret putting the care and attention into something that could potentially save your business and your friendship.

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