As a young entrepreneur or soon-to-be small business starter, the idea of partnering with a friend, sibling, or acquaintance often seems very attractive from a conceptual standpoint. One imagines a business relationship void of variances in opinion, troublesome arguments, and the potential for ugly litigation in the future. However, starting a business with someone whom you share a solid familial or friendship bond with can be a dangerous idea, and one that should be heavily considered and thought-out in advance. - Devise Exit Strategies Before you start your business, it’s wise to come up with particular exit strategies for each partner should things ever go south. Though talking about these things in advance can seem pessimistic and counterproductive to success, it’s a very practical and realistic way of going about a business relationship, and can really do wonders for your ultimate friendship if nothing else. Whether it be as...
