Do you have the kind of relationship with a friend or a family member that instill enough trust and confidence to go into business with him or with her? If so, you have probably had enough personal dealings with this individual to know that you work well together. Perhaps you have been on church committees together, or you have worked together on things like work projects and even the planning of family reunions.
Did that individual come through with commitments he or she made? Was he or she pleasant to work with? Did the friend or family member with whom you are going into business offer good suggestions and solutions to problems that might have come up during your times spent while you were working on different projects or assignments?
If those answers are positive ones, you are probably headed for more good experiences together. The main difference is that money will be involved. You can lose it, gain more money, or even come out even. From establishing handshake type agreements to actually hiring a business litigation attorney, here are some ideas to consider when you are going into business with a friend or a family member.
Unwritten Agreements - After coming up with a concrete plan for the way your business will be run, consider sitting down together, or even with your spouses, to talk about important personal details, things that might not be legally binding, but that are still important. After all, if you have started out with a good relationship, you want to keep that, right? Ask some questions that might be pertinent later on.
For example, how will you handle holidays? Will you take turns taking off during those family times? Will you be open for business on weekends? How will you handle things like the time that you and your partner want to worship with your families on Sundays? Think of every single question that is on your mind and write it down. Ask your partner to do the same thing. When you have your meeting, with or without your spouses, you can answer those questions together. The questions might also inspire brainstorming sessions that bring up things you didn't even consider.
Hire A Business Litigation Attorney - One of the most important things you can do as you start a business with your friend or family member is to hire an attorney. Hire one who is trained and who has experience in business litigation will more than likely be the best choice. Not only will that attorney be able to write up contracts for you, but he or she will foresee things like agreements that need to be part of legal contracts with other business associates. Also, as your business grows, there may be times when you might need a business litigation attorney to handle disputes with clients or with others with whom you do business. And, if there is a problem between you and your problem, the business litigation attorney will be able to help you through that, too.
