Friends and business - do they mix?

[Goingitalone]

I have the opportunity to start a new business with a friend but I am wary. Do friends and business mix?

 

[Employer]

While there are some exceptions to the rule, the idea of mixing friends/family with business is a high-risk one. Even in a best case scenario it will stretch your friendship/relationship to the brink and that is a successful outcome!

 

[Bogdan.Ciocoiu]

I would certainly not mix social relationships with business relationships. This phenomenon gets even more complicated for family businesses. Some people see value while following processes and by introducing rigour within the day-to-day activity. It poses a level of risk on the social side of the relationship if a process-driven person starts to promote rigour and strictness within the relationship. Furthermore, if you're aiming to have a robust business operating model, it will probably frustrate the social side of the relationship even more.

 

[Bradley - SaneChoice]

I certainly think there is an element of risk involved, especially around the relationship aspect as @Bogdan.Ciocoiu mentions.

However, I think it does depend on the type of 'friend' you are working with. In the early days of SaneChoice I worked with a friend who was from the same industry - he came from an Investment Bank. So the structure and 'rules' around how this would work (and the challenges and pitfall of that working relationship) were very clear from the start. As a result, it was a fruitful partnership and although he no longer works for SaneChoice, he remains a close family friend.

 

[midemike]

Try not to mix the two up. Friendship is friendship, business should be business.

 

[Bogdan.Ciocoiu]

Try not to mix the two up. Friendship is friendship, business should be business.

I completely agree. There is also something to do with transformation and power dynamics and how professional relationships may allow for a dominant one while social relationships function using a much softer power dynamic. If one mixes up the dynamics, would that not affect one of the environments?

 

[ChristineHarrington]

try to figure out is business with friends works????

 

[AndreaParr]

I've heard it's not a good idea.

 

[weranadzetar1]

Yes people say so, although in practice I have not met with a single failed case. There is even one unique case. My friend used to be married and during the marriage he and his wife did a business selling things in an online store. They are now separated, but they respect each other after divorce, so the business is not affected at all. They still have the same percentage of the profit from the income. So it all depends on the people and their level of passion for the business. Choose your partners carefully, so that even in the event of a divorce, your business remains untouched.