Going into business with friends has a very poor track record. Frequently, both are lost. It doesn’t have to be that way if you all conduct yourselves as if you were working with any business commitment. Moving from informal to formal is a skill that good relationships can accommodate when everyone understands that there are different rules and boundaries affecting the status of personal and professional interactions. Both states of engagement, formal and informal, can blend and even forge stronger ties when the ability to articulate, compromise and discuss ideas and options are adopted in a balanced and constructive way. These are skills that are powerful attributes for success in both social and professional settings which these are covered in one of our core training modules.

This is a short, sharp reminder that when working with friends in a business situation, move from the informal to the formal, create clear boundaries, commitments and psychological contracts that you would do elsewhere if you seek to succeed in business.

As Donald Trump says ‘ It’s not personal, it’s just business’.