What Do I Need To Know Before Starting a Partnership with a Friend?

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Title	:	What Do I Need To Know Before Starting a Partnership with a Friend?
Lasting	:	7.09
Date of publication	:
Views	:	54 rb

GET A CONTRACT SIGNED
Comment from : Mistwolf

Thanks Dave for the great advise
Comment from : julio hernandez

I can’t think of ever doing this I just think the downsides are way too high compared to the upsides I wouldn’t want to risk my friendship for it really
Comment from : Matt

I sew clothing and want to hire an artists to work with me but unsure about business stuff
Comment from : sj

Amazing advice!!! Thank you 👏👏👏
Comment from : N-Dizzy 2770

Isn’t it still considered a partnership if the the other person takes a certain percentage of the profits as they mentioned
Comment from : Nice and Bananas

The best advice I’ve found Thank you
Comment from : Shel Chicago

My brother, dad and I are in a “partnership” together where we build these cool mobile bars and it’s going horrible wrong at almost every turn
Comment from : PainfulWhale

I am SO glad I watched this What really spoke to me was do a joint venture NOT a full partnership Makes perfect sense Thanks Dave!
Comment from : I Robot

Don’t do it Never put money conversation with family or friends Because they think that comes first before business but business comes first
Comment from : FuseTV

If you're truly friends or family you'd put the friendship over whatever happens on the business side of things Sadly there're few true friends out there Never got the never do business with friends mentality
Comment from : Tyler Gregory

I feel that it can work if you have clear goals and expectations before you work Also you need to communicate all of the time
Comment from : Flis Finance

My dad is in a 50/50 partnership for nearly 20 years owing a restaurant and still going to this day What I c they got going on appears to work very well for them imo
Comment from : Noob Erns it 💰

Don’t do it
Comment from : C Yu

Dave has a new shirt
Comment from : Zachary Buckingham

Flop
Comment from : Heavy Distortion

One of the best mentors I've ever had in my life I just bought the total money makeover and am waiting on delivery What a blessing this man is
Comment from : Sojo Slim

If you want to keep the friend don’t do it
Comment from : Jenna Marie

How come two guys created Robinhood? Were they partners?
Comment from : Alex Koltsov

Lol "Its mythology, its a lie" said the Christian 🤣😂
Comment from : john doe

Dave and Ken's advice is spot on
Comment from : Aaron

dont lol just dont unless your inventing something
Comment from : matthew williams

Generally, it's a dumb idea to go in business with family or friendsbrbrI got lucky Years ago I started a lawn care service We were both honest with each other and put full effort into it I handled maintenance/repairs, he handled billing and paperwork, his wife handled schedules and phone calls We did very well But as you get older, that kind of work gets difficult and it was a mutual decision to stop We are still great friends
Comment from : Michael H

The most important factor is you have to be prepared to loose a friend
Comment from : Jennifer Shkolny

Dave, I can attest to what you've said is TRUTH! I bought her a brand new laptop computer to use in the business The ONLY thing she used that laptop for was to play games! My 'partner' turned out to be nothing but a taker, without providing anything at all NEVER AGAIN!!
Comment from : Vickie Turner

I know of a successful partnership and I know of many unsuccessful partnerships Bottom line, if you can do it yourself do it When I was very young I came up with an idea and me and my best friend started a business from their it went down hill The company (the idea was that good) actually survived and my friends mom made a career from it I personally have no resentment
Comment from : john Smith

It’s better to use the bank as a business partner
Comment from : QuinnanScott

Don't do it
Comment from : Gay Hendrie

Written contract with clear expectations and duties and terms
Comment from : Rosa Moreno

Totally unrelated but Crazy enough I was missing home (Albuquerque, NM) and I click on this video
Comment from : Alexus Benzin

The scholarship business is apply for them for the students
Comment from : Alex Lewis

Only thing u need to know is not do it
Comment from : john smith

College planning is a booming industry but I can’t of another line of business where customer expectations are more out of line with reality Parents are going to expect to pay practically nothing for you to deliver a full ride scholarship to a top school for their B average child No thanks!
Comment from : CBEDH3

Put in writing what each other will put in time wise also Friend had a partnership and the partner never showed up to workbrJust do it on your own
Comment from : Blacknesmonstaz

Dave Ramsey comes across as a hypocrite as his children now run his business
Comment from : written2382

Brilliant advice 👏🏾👏🏾👏🏾 Thank you for sharing this conversation
Comment from : Maverick Jackson Executive Director & CEO

Sounds like a parasite concept of a business Let’s charge students money they don’t have to apply for money that they need for school lol Find a real business concept Sounds like a couple of bottom feeders
Comment from : Green tech

This is all you need to know, its a huge mistake and you shouldn't do it I did and got lucky I still have my friend and didnt go bankrupt in the process of shutting it down
Comment from : Matt C

😁🖖👍👌✌😎
Comment from : john mirbach

There was a person on shark tank who made something similar to this and it didn’t do well
Comment from : DavinR16

Good Advise do joint adventure but make own money not partnership!!
Comment from : Monica D Henderson

I’ve owned a funeral home for 14 years with a partner So far so good
Comment from : Shady Grady

As a lawyer partnership is very messy
Comment from : Jenna Rohrig

That you won’t be friends in the near future ! 😂
Comment from : AC/DC4LIFE !

A wise person once said to me, "sink or swim on your own, don't drag other people down with you" I took that advice and I'm still swimming 30 years later Reaping the rewards of independence
Comment from : Jack H

It will end the friendship
Comment from : Take a stand Or be enslaved by the left

My dad went into business with his good friend… yada yada… bankrupt, they hate each other and haven’t spoken in decades
Comment from : Mike Zerker

You are 100 right with a partnership
Comment from : Pam Mccutcheon

Horrible idea for a business
Comment from : Soljarag5

Your partner’s spouse gets half of their half Imagine a divorce…
Comment from : Mahogan e-mic

Dave is 100 correct
Comment from : Mahogan e-mic

Get a WRITTEN CONTRACT IMMEDIATELY!! A general rule is to Never go Into business with family and friends but there are exceptions to this rule To not be a victim of regret and I'll feeling, get a written contract
Comment from : Michel Hanson

Just like a successful marriage a successful business happens when both people give 100 holding nothing back It's not 50/50, it's 100/100
Comment from : Devin Hinkson

that it will fail
Comment from : Squid Rider

Good general buissines advice They both thought it was a bad idea, but it's good to go through the motions as young buissines men
Comment from : eric allen

Let's ask Chris Hogan's opinion in this oh wait nevermind 😥
Comment from : ET Nem

"The only ship that won't sail is a partnership!" Money and work can complicate a good friendship It can still go incredibly well, but being up front with what can happen and having a protocol in place for the ways it can go sideways is important!
Comment from : moneybee