Episode 11: How Do You Go into Business with a Friend or a Partner

Listen to this episode here.

Today on the Real Money Talks podcast, I want to talk about how to go into business with a friend or partner. Many entrepreneurs often come to a point in their business when they start to consider working with a friend, but often, it can be way more complicated and emotional than entering business with a partner.

There are many things you should consider before jumping into a joint venture or partnership with someone – especially with a friend. So, today, I want to give you some food for thought on this to prepare you for the things that can happen and teach you how to go into a joint venture and sustain a healthy relationship with your team.

The best thinking is done in the beginning.

In This Episode of Real Money Talks:

  • What you should consider before entering a joint venture partnership.
  • How to maintain a healthy relationship with your partners.
  • Considering the goals, outcomes, and duration of the deal.
  • Choosing the right people on your team.
  • Creating an exit strategy – before the deal is done.
  • Things to Consider Before Entering a Partnership:

    • Who should be on the team?
    • What are their roles?
    • How will they be compensated?
    • What do you think is fair from where you sit?
    • How do you operationalize the deal and what is the operating agreement?
    • How will you divorce the business?
    • Why you should have your own legal team.

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