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PT029: Going Into Business With Friends

Released Wednesday, 17th June 2015
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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

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Links from This Episode

Word to the Wise

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