Friendship and Money


Recommended Posts

Conventional wisdom suggests that it's a bad idea to lend friends money or to go into business with them. But sometimes mixing friendship and business can go well.

What are your thoughts? Do you try to keep business and friendship separate or do you mix them?

Link to comment
Share on other sites

Conventional wisdom suggests that it's a bad idea to lend friends money or to go into business with them. But sometimes mixing friendship and business can go well.

What are your thoughts? Do you try to keep business and friendship separate or do you mix them?

Depends on your definition of "friend" and get every element of the business in writing.

A...

Link to comment
Share on other sites

Lent $17,000 to a girlfriend some 13 yrs ago. The agreement was that she would re-pay me $300+ a month. She still owes me $6,000. Loss of a job(s), IRS penalties, unexpected medical bills, school tuition and a whole host of other "excuses" throughout the yrs. Now she has 2 children, unmarried & can only afford to pay $50 a month.

Reality bites.

-J

Link to comment
Share on other sites

I have one friend with whom I would consider such an arrangement, but only because she and I have known each other for so long and are so much alike in thought and personality that we can literally (and often do) finish each other's sentences. And we don't even notice we are doing it. Even so, there are certain enterprises I wouldn't take on even with her. So, it depends heavily on the relationship and the specific business situation. Context.

When it comes to lending money to friends, my general rule of thumb is that if someone is a good enough friend to me to entertain the notion in the first place, then it wouldn't be a loan at all. It would be a gift.

Link to comment
Share on other sites

Robin writes:

Do you try to keep business and friendship separate or do you mix them?

I keep them separate and enjoy the autonomy... although I do use my business to help friends.

Most of the business partnerships I've seen, one works while the other talks. :laugh:

Greg

Link to comment
Share on other sites

Conventional wisdom suggests that it's a bad idea to lend friends money or to go into business with them. But sometimes mixing friendship and business can go well.

What are your thoughts? Do you try to keep business and friendship separate or do you mix them?

Business is business and friendship is friendship. There is little overlap. In business much is exchanged and little is given. In friendship it is the other way around.

Ba'al Chatzaf

Link to comment
Share on other sites

Conventional wisdom suggests that it's a bad idea to lend friends money or to go into business with them. But sometimes mixing friendship and business can go well.

What are your thoughts? Do you try to keep business and friendship separate or do you mix them?

Business is business and friendship is friendship. There is little overlap. In business much is exchanged and little is given. In friendship it is the other way around.

Ba'al Chatzaf

Excellently stated Bob.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now