Grego gives his two cents on friendships that can be torn apart when entering into a business partnership.
"Have you learned along the way that going into business with a friend changes the relationship? Can even blow your friendship?! Like a marriage, so much time together reveals one another's shortcomings - warts and all. The difference with marriage is you love your partner (ideally) and are legally committed. You don't have to love your business partner, but you should like them alot, trust them, and feel they have your mutual interests in mind. Money can get in the way of friendship. I found out earlier this week someone close to me was just burned by a "childhood" friend who convinced this person three years ago to move out of state to be his business 'partner.' Well, he's 'out of work.' They had a blowout! He asked my advice when the offer was made. I told him get everything in writing (he didn't). Handshakes and promises don't mean a thing. Get a lawyer to draw up a contract and maybe it will work if you can separate business from your friendship. Junior Jackson tweeted: 'Grego - much worse if family, I learned in business - deal as little as possible w/friends and less with family, something will go wrong!' If you're thinking about going into business with a bud, then consultants suggest taking your new partnership for a test drive before committing your energy and money for the long haul. Maybe it will be great! But your friendship might also be worth too much to risk blowing it over a bad deal."