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How to co-operate?

Discussion in 'General Business' started by albertvn, May 23, 2008.

  1. #1
    Hi!

    I have a friend who is very close to me. As his company is very new so he wants to co-operate with my company. He wants me to help him in administration the company and help to develope his company. But the problem here is that we are in the same industry (Tourism) and both of us want to build our own brand name.
    Should I help him? if so, what should I do? and what should I be careful in this case?

    I want to thank you very much in advance for your kind advice!
    Albert
     
    albertvn, May 23, 2008 IP
  2. wisdomtool

    wisdomtool Moderator Staff

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    #2
    It is difficult to be friends and to be competing in the same business especially you helping him. I would suggest, either keep him as a friend or a business partner not both.
     
    wisdomtool, May 23, 2008 IP
  3. aftermarket

    aftermarket Active Member

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    #3
    It is much better not to do business with friend imho
     
    aftermarket, May 23, 2008 IP
  4. wisdomtool

    wisdomtool Moderator Staff

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    #4
    Yes, I have seen a lot of cooperation between friends turn bad and they became enemies instead. No point rather remain friends.

     
    wisdomtool, May 23, 2008 IP
  5. albertvn

    albertvn Peon

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    #5
    Thank you very much for your kind advices!
     
    albertvn, May 25, 2008 IP
  6. coolcode007

    coolcode007 Active Member

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    #6
    its vietnam tourism right (from your sig link). i guess this wont be a problem as their is loads of opportunities in the field you are competing. so many players. so helping a friend and getting helped in return you can easily compete with big players in the industry

    thats my idea, but im not experienced in it :)


     
    coolcode007, May 25, 2008 IP
  7. pooker

    pooker Peon

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    #7
    Quoting this for truth, I have tried conducting business to make money with friends and ended up losing them, certain things were not meant to mix. Not saying you cannot make it work but ask yourself if it is worth it.
     
    pooker, May 25, 2008 IP
  8. albertvn

    albertvn Peon

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    #8
    This is exactly what I was thinking when I decided to help him but now I am afraid that I will loose my friend if our business partnership is not sucessful.
    It is really difficult for me.
     
    albertvn, May 25, 2008 IP
  9. albertvn

    albertvn Peon

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    #9
    Thanks!
    So there is no way to do business with our friends?
     
    albertvn, May 25, 2008 IP
  10. judee

    judee Greenhorn

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    #10
    You can help him but you also have to consider your own business too. It's hard to balance business and friendship. Other people value business so much that it is easier for them to give up the friendship. It's also hard to set the boundary between what is ok to tell him and what would be the limits.
     
    judee, May 25, 2008 IP
  11. timarcher52

    timarcher52 Peon

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    #11
    You may want to consider merging your companies if that is an option. I've found that having good business partners makes the business more successful as a whole, rather than trying to do it all on my own. Sure, you split the profits, but the idea is that with a few key partners who are good at what they do, the company should realize some economies of scale and make more money. Thus, your income should actually rise in the long term if you do it right and pick partners because they are good at what they do and can benefit the business. Never pick a partner just because they are a friend though, you must be able to honestly answer how they will contribute to your business.
     
    timarcher52, May 25, 2008 IP
  12. Barefootsies

    Barefootsies Well-Known Member

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    #12
    Best advice.

    2 cents
     
    Barefootsies, May 25, 2008 IP