Business Partnership

A business partnership with your best friend might seem like a good idea at first, but most people jump into business partnerships with friends way too fast and end up regretting it.
In this video, you'll learn two red flags to watch out for if you're considering a business partnership with your friend.

1. Different Work Ethics. If you and your friend have different work ethics, a business partnership might not work.
2. Diluting Your Brand. If you're worried that a business partnership with your friend will dilute your brand, you might want to reconsider the business partnership. You'll be building the partnership's brand, not your own.

What can you do to protect yourself if you do decide to go into a business partnership with a friend? Get a business prenup.

You should have everything on paper before you and your friend start a business partnership so you know what will happen if and when either of you wants to leave, you disagree on something, or one of you wants the other to leave.

If a business partnership isn't right for you and your friend, try a mastermind group together and help one another work on both businesses using each of your talents.

Thanks for watching!

[vanessacolz]

I've been in a business partnership before with my bestfriend, I was an industrial partner and my friend is a general partner of the business. Our friendship ended after I helped her to established the business. She changed and acted like she's the "boss" and everytime I was suggesting something before she constantly shuts me down. Idk what happened to her so I just walked away. After I left, I feel so much better. It is indeed enjoyable to be in business with your friend if you shared the same values, passion and commitments. 😊

[MarikaTheEmpress]

Totally agree with you Marie for the Mastermind. I don't like business partnerships and I prefer building my OWN brand/business 😊❤

[DagmarGatellseoexpert]

Hi Marie, great video! Yes, you are totally right. Getting into business with your best friend can be very rewarding and challenging at the same time! I like what you said regarding the red flags. Not only in a business partnerships but also by working with clients or dealing with other entrepreneurs, seeing red flags help you to be successful and for your own sanity. Love all your video, so entertaining and educational!

[NikDavis]

This was extremely helpful. Thank you very much! Not only did you assess the question well but gave me some insight into clarifying what my friends and I are doing together! Sometimes I get frustrated because even after 2 years of working together with my two other friends on creative projects I still want to first focus on supporting myself.

[iamEatingRight]

I haven't gone into business with a friend but my husband and I are working together. It's a steep learning curve but so far, enjoyable!

[KianaDanialofficial]

I went down the partnership hill very early on and was very lucky to be able to get out of it just in time, before my dream completely changed direction! Excellent advice Marie :)

[enggarbaskara]

I tried it for a year. It does not work. My partner does not have same passion with me, and does not like entrepreneurship.
It almost ruins our friendship.

[mayawilliams]

Hello I’m just curious should you do a partnership if ie ...you have a singing group with as 1 entity and then on the side each of the members have a separate sole llc....or do you start as each running an llc with a DBA OF WHATEVER THEY WORK ON TOGETHER?

[UniquesUnited]

This video has some valuable advice, because I'm in a situation very much like that at the moment. I lead a small team of people who are heading towards the animation industry, while my friend leads a team that's heading towards the gaming industry. We are very good friends and have talked plenty of times about collaborating with each other. In fact, we are both members of both teams. I will show him this video because one day, we could even make a PC game based on my web series, Uniques United.

[alexperez]

u nailed it..great advice ..I learned the hard way unfortunately. but it's ok we all learn from our mistakes .once again great advice

[chinyuna]

Thank you so much! This will help me a lot and jotted down all the good points. 😊 I’m going to have a partnership real soon and watching your videos add up knowledge in me. I absorbed it thank youuuu!

[AmeerRosic]

Great Video Marie, I think the Red flag markers are crucial for success in partnership, keep the videos coming!

[samuelcoronel]

I learned, that you need to verify terms and conditions both of you or more have. treat the business like a big business and keep your legal structure solid. trust but verify. a little skepticism is always healthy and have an exit strategy before even starting; I was in a general partnership, and the individual (my friend) sold me on a false partnership for a comercial cunstruction company through a high net worth individual, ignoring the previous rules I stated earlier resulted me In big capital losses (on which I never got back because of no proof of paperwork) not to mention personal debt, a 300 credit score drop, threats from the bank to repo my car and almost go homeless. So when I say trust but verify, I mean it; regardless of that negative experience I learned a lot and have been Able to find more business deals as well as well as legitimate partnership opportunities. You bet I'm way cautious now and have the ability to say no or reject the offer If I don't see it fit to my requirements.

[Nailsoupmedia]

@ 4:54 Is the best advice. Keep your branding to you and mastermind with him. His work environment might be a great referral base for you with clients he meets that want more than he can offer. You both win by masterminding but you don't lose by keeping your branding efforts to just you.

[lajbiz]

really really solid A's to those Q's! Thank you, Marie, for helping to enlighten our world in the realms of personal relationships AND business ones too! you ROCK, lady! have fun settling into LA life. if you get to NorCal (Sonoma Valley Wine Country) or Tahoe, look me up!

[MMTprofile]

I have been in a partnership that went downhill. I've decided that if I'm going to partner now, that it is a very limited type of partnership. JV partners over a single product for a defined period of time. If it's my idea and it's my brand, you can share in the profits, but you can't have the assets.

[GabeJohansson]

I would be pumped if I could work 12-16 hour days! I share a phone computer and apartment with 3 other people so I would not be able to yet. Anyways, I wouldn't consider forming a partnership since my business model works best with independent people. Thanks for the great video!

[Mjalenezi]

Marie, good video. I have question through. Someone asked me to be partner with them in existing business I am not sure how to look at it. The firm has been around for 8 years and has about 25 employees. I was offered a minor percentage but not sure how to look at it. Thank you

[whitneylee]

just like a marriage I'd also make sure both people have the same vision you are working to manifest, the same values, morals, goals etc... do you actually want to build the same thing and are your unique skills a great match to make that happen meaning does each person fill a unique position the other can't or at least not as well.

[jdeast]

Finding the perfect business partner is even harder than finding a faithful wife