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Surviving Small Business Ordeals With A Friend!

  Sanjiv Gupta CPA  Published 
Surviving Small Business Ordeals With A Friend!

Wow never had you imagined that there will come a time when surviving that business venture with your friend has become so difficult. It has strangely put your friendship in jeopardy too. This was indeed uncalled for.

While starting that business together there were high hopes running on both ends but then tightening of funds, lack of trust and other minor quarrels started to get the better of the two of you ad finally the business. It may be vice versa also. But whatever the case outcome is for the detriment of both. So why not take care of it and nip it right at the bud?

Don’t know how? Well here’s what you should do.

Important Ways To Keep That Venture Rocking!

Talking is rocking for all business – it is extremely important that both the friendly partners engage in honest conversations. It’s absolutely crucial that they talk out their differences and share the solutions to the problems bothering them.

• Have written proof/ agreements – the agreement of your business should be in writing. These come in handy at times of disputes and can effectively put things in order. So this is another aspect to keep the business partnership going.

•Separate attorneys must be made to review the documents separately – in order to gain full knowledge about how the agreement affects you, you must get a separate attorney for yourself ad so does your partner. Whatever may be the case, there should be an attorney’s involvement in the understanding of the signed document.

•Draw the line between friendly and business communication-Be vocal about any important issues at the workplace. Any issue, major or minor must be approached immediately to stop them from going out of proportion. No matter what leaves the business in the office.

•Bond outside the office – discuss issues other than business when not in the office – This goes a long way towards saving both the business and the friendship. Mutual respect is enhanced, and tensions avoided.

Whatever may be the case it is important to note that the two important aspects of life, that is, work and friendship must not be let go of easily.