011 What You Need to Know About Going into Business with a Friend or Partner

Today on the Real Money Talks podcast, I want to talk about how to go into business with a friend or partner. Many entrepreneurs often come to a point in their business when they start to consider working with a friend, but often, it can be way more complicated and emotional than entering business with a partner.

There are many things you should consider before jumping into a joint venture or partnership with someone – especially with a friend. So, today, I want to give you some food for thought on this to prepare you for the things that can happen and teach you how to go into a joint venture and sustain a healthy relationship with your team.

The best thinking is done in the beginning.

In This Episode of Real Money Talks:

• What you should consider before entering a joint venture partnership.
• How to maintain a healthy relationship with your partners.
• Considering the goals, outcomes, and duration of the deal.
• Choosing the right people on your team.
• Creating an exit strategy – before the deal is done.

Things to Consider Before Entering a Partnership:

2. Who should be on the team?
3. What are their roles?
4. How will they be compensated?
5. What do you think is fair from where you sit?
6. How do you operationalize the deal and what is the operating agreement?
7. How will you divorce the business?
8. Why you should have your own legal team.

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Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com!