Shall i go into bussiness with my best mate?
My best mate wants me to go halves on a new business he wants to start (he already owns and runs a restaraunt).
It would mean remortgaging the house and going into a business of which i have no experience whatsoever.
SCARY SCARY SCARY
Answers:
I would strongly advise against it.
He's your best mate. I would think your friendship is something special and that you wouldn't want to ruin it. While starting a business is an exciting excursion, with out any experience, is will almost certainly lead to bitterness and disaster.
He owns a business, already, right? Well, let's say there's a big decision to be made. Let's say there are several. And let's say you disagree. Things are almost certainly going to get ugly if he belittles you for no experience and when you feel left out because he's making major decisions.
Or maybe you agree. But, I promise.in no business do the partners always agree. What happens when that tension comes up? What happens if it fails? He has another business, do you have another house?
I'm sure you're very capable because he obviously thought highly enough of you to seek the venture. But running a business takes a LOT of experience.
I would advise even equally experienced friends to be weary before entering a partnership, because friendships are too often destroyed over money.
If you think it's scary, then your confidence is obviously lacking. This is not an issue to be take lightly. You should have no doubt about what you're doing. One out of ten small business ventures fail. What's your recipe for success?
You ask if you should go into business with him. I would absolutely advise against it. You have a lot at stake. But it is, of course, your decision. No matter what you decide, good luck.
~*Id say go for it. sounds fun.*~ take care
~* Muah *~
yes
Think about it, it is a big thing.
no.friends, lovers..family do not mix with business
Unless you're confident it's going to work, don't do it. It will cost you your home and your friendship.
I dont know. It's usually better not to go in to business with friends. But if you're sure he's responsible and it'll work out, then maybe you should seriously consider it.
No. Restaurant biz is one of the most demanding you can imagine. If you don't know anything about it, you'll be at his mercy. Do your friendship a favor, and keep it intact by not doing this.
rule of thumb. never go into business with a friend.
No, the risks do not exceed the rewads. You could lose your house, your money and your best mate if things go poorly.
what the hell
I'd ask him if you can start off slower I mean remortgaging your house. ummmm i don't think so.
I do say got yourself in a bit of a sticky wicket.
go ahead my good sir.
what is there to lose Chap?
is the bloke all 6's and 7's?
or is 'e the one who
shat on a turtle.
He has business experience, which is good. Make sure your interests are protected in the partnership agreements. Take everything to YOUR lawyer, or you will wish that you had.
no dont.friends and business never go together.dont use brin and page.i admit there r exceptions.
I'd say look at the money end. Will you be able to stay afloat? And then look at this. You said you have no experience. Do you imagine you will like this new work? Will you be happy? If you can say yes to these questions, then I'd say go for it!!!!!! Best of luck!!!!!! Hope it works out for you!!!!!!
this could end in several ways but you are going to be risking your house!
Think carefully as it offers wonderful opportunities. But research the business decied whether it is something you can and want to do.
Good luck x x x
Be cautious. I know of two examples were friends have fallen out over business and it all goes ugly. You risk your friendship as well as money.
If he already has an established business than he has the formula already to make it work. You just have to duplicate his success. However the scary thing about doing business with relatives or friends is if something goes terribly wrong, you not just loose a business but a relationship.
If you were both starting out a new business without experience, I would say it is relationship and financial suicide. In your scenario I would be more comfortable with.
They say going into business with a good friend can rein the relationship. If you feel like it will all be far, no boss problems or anything of the sort then good luck.
Make sure you get legal advice, you want to do it the right way in order to protect your friendship. Don't forget to do your research be smart.
i would think it out,that is a major step,for is it wise to go in buisness with friends or family ,if the buisness started doing bad or was not fairing to well would it put a strain on your friendship,but it is your life,your the one who will be paying for the life you choose
I would definitely think twice about doing business with a friend. Last year I opened a PR firm with two great friends of mine. In the beginning it was great, through the idea and concept stages but one of my partners had no idea about the business, and the other one didn't understand the concept of partners and that she wasn't the owner. Needless to say one of the partners and I left the business to the partner who wanted total control and luckily we are still all friends. I've seen too many cases where it didn't work out and good friends became enemies.
It all depends what kind of business, and who will run it, do you have enough cash on hand for the first years expenses, what about stock? It very seldom is worth putting up your Home for a buisiness, what if it don't do what you want in the first year, you know, the Bank wants there money, nomatter what your business is doing, but anyways, GOOD LUCK
NO NO no nO No..as others mentioned.Do not go in partners with friends or family..it WILL end a disaster with hard feelings. If you want to go in debt on a business, do it alone..If your friend is successful, get him to help (advice) you start your own business !
Think very carefully before committing yourself. Running your own (shared) business is very stressful (especially in the restaurant trade). What happens if you disagree on how the business should move forward in the future?
Also think about the legal aspect. Get all the paperwork you need written up by a solicitor. It is an extra expense you may feel you don't need right now, but it may well save your skin in the future if anything goes wrong.
The best way to lose . . . . all the way 'round!
DO NOT DO THIS!
First, haven't you heard the saying don't do business with friends or family?
It was "coined" (HA HA HA .. punny) for a reason.
Next, it's NOT your idea. It's his. You've lost control right from the start. Now, if this was your business, and your idea and the start-up would be yours, then it might not feel so scary, scary, scary to you.
Next, do not use your home like a personal bank. PLEASE don't do this.
Next, you admit you have no experience in this business, again NO CONTROL!
You feel at a loss already, and you've not even started this.
Keep your house. And if it means losing the mate, so be it.
I try to teach my son that the secret to life is not only making money, but the REAL secret is learning how to KEEP IT (away from other people!) Money is hard-earned, and too easily lost!
You need to do some research first before you jump into anything you are not familiar with. Maybe these are some questions you can look into. 1. Is the business profitable? 2. If the business goes under, are you willing to lose everything including your house?
If you don't want to do it, don't be pressured into it. I wouldn't go into business with a good friend, bcuz it will change your relationship drastically. Especially if you have no knowledge or experience of the business. Your inexperience will allow you to be suckered.
you only live once,
i did something similar a few years ago and it went horribly wrong,
i would still not discourage people from taking risks,
i was left with a visa card, no house, no job and a wife and two young kids,
it actually has made us a stronger family eventually,
but if you have any doubts then dont do it,
dont listen to the doubters only you know if it will be the right thing to do
See how he runs his other business, see how he treats his employees, check out his financial records, and get busy getting information on the things you do not know about the business that he wants you to get into. If he gets all weird about you doing all these things, then I would call that a RED flag and would pass on the offer. If he is on the up and up. He will be more than happy to make you feel at ease, If not then I would decline. Good Luck mate!!!!
Whatever you do, if you decide, do it with an attorney.
If he is already successful, the chances are good that "he will not let it fail".
However, be certain that he is in a solvent position and not short of cash or assets.
He can teach you if you apply yourself.
Business and success always entail risk. If married, consider you family's opinion. Don't do it without approval.
Good luck and lots of success.
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It would mean remortgaging the house and going into a business of which i have no experience whatsoever.
SCARY SCARY SCARY
Answers:
I would strongly advise against it.
He's your best mate. I would think your friendship is something special and that you wouldn't want to ruin it. While starting a business is an exciting excursion, with out any experience, is will almost certainly lead to bitterness and disaster.
He owns a business, already, right? Well, let's say there's a big decision to be made. Let's say there are several. And let's say you disagree. Things are almost certainly going to get ugly if he belittles you for no experience and when you feel left out because he's making major decisions.
Or maybe you agree. But, I promise.in no business do the partners always agree. What happens when that tension comes up? What happens if it fails? He has another business, do you have another house?
I'm sure you're very capable because he obviously thought highly enough of you to seek the venture. But running a business takes a LOT of experience.
I would advise even equally experienced friends to be weary before entering a partnership, because friendships are too often destroyed over money.
If you think it's scary, then your confidence is obviously lacking. This is not an issue to be take lightly. You should have no doubt about what you're doing. One out of ten small business ventures fail. What's your recipe for success?
You ask if you should go into business with him. I would absolutely advise against it. You have a lot at stake. But it is, of course, your decision. No matter what you decide, good luck.
~*Id say go for it. sounds fun.*~ take care
~* Muah *~
yes
Think about it, it is a big thing.
no.friends, lovers..family do not mix with business
Unless you're confident it's going to work, don't do it. It will cost you your home and your friendship.
I dont know. It's usually better not to go in to business with friends. But if you're sure he's responsible and it'll work out, then maybe you should seriously consider it.
No. Restaurant biz is one of the most demanding you can imagine. If you don't know anything about it, you'll be at his mercy. Do your friendship a favor, and keep it intact by not doing this.
rule of thumb. never go into business with a friend.
No, the risks do not exceed the rewads. You could lose your house, your money and your best mate if things go poorly.
what the hell
I'd ask him if you can start off slower I mean remortgaging your house. ummmm i don't think so.
I do say got yourself in a bit of a sticky wicket.
go ahead my good sir.
what is there to lose Chap?
is the bloke all 6's and 7's?
or is 'e the one who
shat on a turtle.
He has business experience, which is good. Make sure your interests are protected in the partnership agreements. Take everything to YOUR lawyer, or you will wish that you had.
no dont.friends and business never go together.dont use brin and page.i admit there r exceptions.
I'd say look at the money end. Will you be able to stay afloat? And then look at this. You said you have no experience. Do you imagine you will like this new work? Will you be happy? If you can say yes to these questions, then I'd say go for it!!!!!! Best of luck!!!!!! Hope it works out for you!!!!!!
this could end in several ways but you are going to be risking your house!
Think carefully as it offers wonderful opportunities. But research the business decied whether it is something you can and want to do.
Good luck x x x
Be cautious. I know of two examples were friends have fallen out over business and it all goes ugly. You risk your friendship as well as money.
If he already has an established business than he has the formula already to make it work. You just have to duplicate his success. However the scary thing about doing business with relatives or friends is if something goes terribly wrong, you not just loose a business but a relationship.
If you were both starting out a new business without experience, I would say it is relationship and financial suicide. In your scenario I would be more comfortable with.
They say going into business with a good friend can rein the relationship. If you feel like it will all be far, no boss problems or anything of the sort then good luck.
Make sure you get legal advice, you want to do it the right way in order to protect your friendship. Don't forget to do your research be smart.
i would think it out,that is a major step,for is it wise to go in buisness with friends or family ,if the buisness started doing bad or was not fairing to well would it put a strain on your friendship,but it is your life,your the one who will be paying for the life you choose
I would definitely think twice about doing business with a friend. Last year I opened a PR firm with two great friends of mine. In the beginning it was great, through the idea and concept stages but one of my partners had no idea about the business, and the other one didn't understand the concept of partners and that she wasn't the owner. Needless to say one of the partners and I left the business to the partner who wanted total control and luckily we are still all friends. I've seen too many cases where it didn't work out and good friends became enemies.
It all depends what kind of business, and who will run it, do you have enough cash on hand for the first years expenses, what about stock? It very seldom is worth putting up your Home for a buisiness, what if it don't do what you want in the first year, you know, the Bank wants there money, nomatter what your business is doing, but anyways, GOOD LUCK
NO NO no nO No..as others mentioned.Do not go in partners with friends or family..it WILL end a disaster with hard feelings. If you want to go in debt on a business, do it alone..If your friend is successful, get him to help (advice) you start your own business !
Think very carefully before committing yourself. Running your own (shared) business is very stressful (especially in the restaurant trade). What happens if you disagree on how the business should move forward in the future?
Also think about the legal aspect. Get all the paperwork you need written up by a solicitor. It is an extra expense you may feel you don't need right now, but it may well save your skin in the future if anything goes wrong.
The best way to lose . . . . all the way 'round!
DO NOT DO THIS!
First, haven't you heard the saying don't do business with friends or family?
It was "coined" (HA HA HA .. punny) for a reason.
Next, it's NOT your idea. It's his. You've lost control right from the start. Now, if this was your business, and your idea and the start-up would be yours, then it might not feel so scary, scary, scary to you.
Next, do not use your home like a personal bank. PLEASE don't do this.
Next, you admit you have no experience in this business, again NO CONTROL!
You feel at a loss already, and you've not even started this.
Keep your house. And if it means losing the mate, so be it.
I try to teach my son that the secret to life is not only making money, but the REAL secret is learning how to KEEP IT (away from other people!) Money is hard-earned, and too easily lost!
You need to do some research first before you jump into anything you are not familiar with. Maybe these are some questions you can look into. 1. Is the business profitable? 2. If the business goes under, are you willing to lose everything including your house?
If you don't want to do it, don't be pressured into it. I wouldn't go into business with a good friend, bcuz it will change your relationship drastically. Especially if you have no knowledge or experience of the business. Your inexperience will allow you to be suckered.
you only live once,
i did something similar a few years ago and it went horribly wrong,
i would still not discourage people from taking risks,
i was left with a visa card, no house, no job and a wife and two young kids,
it actually has made us a stronger family eventually,
but if you have any doubts then dont do it,
dont listen to the doubters only you know if it will be the right thing to do
See how he runs his other business, see how he treats his employees, check out his financial records, and get busy getting information on the things you do not know about the business that he wants you to get into. If he gets all weird about you doing all these things, then I would call that a RED flag and would pass on the offer. If he is on the up and up. He will be more than happy to make you feel at ease, If not then I would decline. Good Luck mate!!!!
Whatever you do, if you decide, do it with an attorney.
If he is already successful, the chances are good that "he will not let it fail".
However, be certain that he is in a solvent position and not short of cash or assets.
He can teach you if you apply yourself.
Business and success always entail risk. If married, consider you family's opinion. Don't do it without approval.
Good luck and lots of success.
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