Owning a business with your best friend can be great – until it isn’t. Sometimes, problems arise in the business that can put your friendship at risk. Before you open the doors to your business, you and your partner will need to establish a business plan. A bit of preemptive work now can save you a lot of trouble down the road.
You may be wondering where to start. You have a great idea that both you and your partner stand behind. How do you plan ahead, however, for the issues and problems that are bound to arise down the road?
Plan ahead to avoid conflicts
Here are some of the issues to address as you create your business plan with your partner.
- What business roles will each partner take on?
- How much control will each of you have over the business?
- How much money will each of you put into the business?
- How will the two of you make decisions?
- How do you dissolve the partnership when the time comes?
Once you have defined each of the above items, you’ll be better equipped to handle any problems that arise, whether that’s due to conflicts in personality, ideals, goals or just changing life circumstances.
Resolving issues together
When a problem does arise, don’t put off dealing with it. Remember why you went into business with your friend and approach the problem together. Work on a solution that is acceptable to both of you.
Conflicts are a part of business and they will arise at the most inopportune time. Seeking experienced legal guidance to help you work through issues together is a step in the right direction.