Whether you've been thinking of starting a jug band with your backwoods cousins or opening a bar with your college roommate, one thing is for certain: adding the "money" element to your relationship will change it. Fred and Jeremy share their advice and perspectives on going into business with friends: the ways it could go wrong, the incredible benefits, and the best practices to make it last.

In This Episode

• 08:01 The downsides
• 10:58 Trust
• 12:45 Discuss goals and values
• 16:52 Trust Test
• 19:13 The benefits
• 22:16 Coen brothers effect
• 25:06 Complementary personalities
• 26:57 Competition - A/B role
• 31:39 Better communication with friends
• 35:41 Become familiar with working styles
• 36:56 Concrete advice for going into business with friends
• 37:20 Start with short-term projects/ package deals
• 42:01 Focus on what needs to get done
• 47:42 Don't keep battle scars
• 51:30 Be above board with money
• 53:33 Lawyers and operating agreements
• 57:25 Revisit goals regularly
• 01:02:13 Word to the Wise

People On This Episode

• Jeremy Michael Cohen
• Fred Perrotta

Links from This Episode

• The Hard Thing About Hard Things - Offers advice on building and running a startup
• The Paradise Pack – A compendium of travel resources at a severely discounted rate
• The Problem With Going Into Business With a Friend - NY Times article about friends who went into business and had a falling out

Word to the Wise

• Jeremy: Pilot G2 07 pens (red) - Excellent pens that write really well, don't break, and are affordable
• Fred: CircleUp Founder Stories - Get a behind the scenes look at some new physical product companies

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