How to Avoid Losing a Friend when You Become Business Partners

How to Avoid Losing a Friend when You Become Business PartnersMany of life’s burdens – big and small – are lightened with a friend for support and this lesson has not been lost in business. If you’re thinking of starting a business with a friend or family member, you’re not alone. Some of the most enduring and positive American companies were founded by a couple of friends who had an idea. They didn’t always have a lot of start-up cash, but they had each other.

  • UPS was started in 1907 by two teenagers with a single bicycle and a hundred dollars borrowed from a friend. Back then the U.S. Parcel Post wasn’t around and there was plenty of opportunity for the American Messenger Company of Seattle, Washington.
  • Ben and Jerry met in seventh-grade gym class in 1963. A decade later, they took a five-dollar correspondence course in making ice cream.
  • In 1978 two 20-something friends, John and Rene pulled together $45,000 to open what started as SaferWay and later became Whole Foods Market. Times were so hard on the friends they lived in the store and reportedly bathed using the hose disconnected from the dishwasher.

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J is for: Joint Venture

It’s that time in the alphabet, MyCorp blog readers- time for some ‘J!’

And today’s letter J is brought to you by Joint Ventures.

A joint venture is a firm formed to accomplish specific objectives with a partnership; a temporary arrangement between two or more firms. They’re great as a risk reduction tool when entering a new-market and for pooling resources for large projects. Continue reading