What could be better than starting a business with your friend—more like, what could be worse, in some cases! Friendship isn’t necessarily a starting point for a business partnership, but it can be done. Business Collective recently asked six professionals, including myself, how we pulled it off. I began my company, Due.com, with my good friend Murray Newlands and our secret is communication. You should know what you both expect from the start, and you should have contracts in place to protect the two of you if things go south. Be open, transparent, and communicative.
Others are in the same boat as me, with setting boundaries/rules and getting legal documents in place topping the list of must-haves. Write those expectations out clearly and in a legally binding way when appropriate. You don’t want a real life version of the telephone game confusing both of you with what was said, who’s supposed to do what, and what was agreed upon over drinks five months ago.
Talk about commitments, both professionally and with your friendship. Finally, find time to not work—don’t talk about it, don’t bond at work, and prioritize your friendship still.
