Talking Cents
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Entering into business with a friendSome of the greatest businesses start with a group of mates or friends bouncing ideas around with each other over a few drinks or around a barbeque. Apple is perhaps the most pertinent one in the world at the moment. Steve Jobs and Steve Wozniak started as college mates with a common interest in technology and computers, For anyone who knows the story, the relationship between the two went a little stale towards the end and Steve Wozniak opted to get out of Apple as Steve Jobs took the company in a direction that was too far removed from Wozniak’s original ideas. Yet they remained friends and Wozniak was able to leave with no disputes over his role or financial situation. So for those of you looking to start a small business in Sydney or Melbourne with friends or especially family, here are a few key tips and traps to be wary of: -
There is no reason why a business created with friends or other investors can’t be a great success. Just be sure to clearly define everyone’s role sand responsibilities when it comes to both running the business, and handling the finances. By having documented agreements in place future disputes can be kept to a minimum and friends can remain friends, even if the business ceases at any point in the future. |