It’s likely you’ve heard a horror story or two about a great business totally collapsing because the business founders were good friends but the relationship then turned sour. It’s totally natural for the launch of a new business or investment in a medical franchise to be stressful and things can get complicated. However, owning a medical franchise with your friend is not only possible, but it can be very rewarding and even life-changing. Today we’re going to give you some tips for making the friend / business partner dynamic work.
- Keep your ego in check and leave it at the door. While yes, the stakes will likely get high and you’ll find yourself in situations where you question your current route, it’s imperative that you remember that your c0-founder is your peer and they have different, yet equally valid points of view and life experiences. An important part of your business decision-making process should be healthy competition when it comes to concepts and strategies.
- Don’t forget to keep lines of communication open! It’s important to discuss the health and direction of your company multiple times a year – at least twice. It’s best to be open and transparent rather than being dishonest and less than forthcoming on something as important as your business just for the sake of your friendship.
- Don’t hold any grudges. These are unhealthy in any relationship and equally unhealthy in a business partnership. Much like friends, as business partners you need to be able to move on or move out. Ultimately, this will help you create a much stronger and more successful business, as well as a more transparent friendship.