Since we spend most of our time with our co-workers, you’d think doing business with a friend would be a good idea, right? This is something that writer Katherine Nickell experienced first hand, and now she says she won’t do it again.
Nickell, 41, is a well-known author who has written several books. But, when she tried to work with a friend to write a journal in 2020, she said. News week It was a terrible partnership. At first they hoped their friendship would help the business, even if it cost her more than the company.
After knowing her friend for two years, Nickel agreed to go into business with him in January 2020. She said they shared a desire to make an impact in the world of social care and psychotherapy. The couple was hopeful that their friendship would be a good foundation for starting a business.
A 2021 American Attitudes Survey found that being friends with your coworkers is important to employees. The results show that the most common way people meet new friends is through work, as 54 percent of Americans said they met their best friend this way.
Unfortunately for Nickell, a few months after starting the business with her friend, she felt problems begin to appear in the summer of 2020. While they faced many obstacles, she admits the epidemic played a role in some cases.
Instead of working with Nickel to grow the company, she said her business partner was sacrificing his personal life and struggling to cope.
“It’s probably fair to say that I still feel a little inspired by the idea of going into business with my friends,” added Nickell.
“Shortly before the pandemic, I went into business with a friend to create an online membership program focused on mindfulness and personal development within a specific demographic.
“Even though the friend I’m going into business with doesn’t have his own experience, our chemistry as friends and his passion for helping others were strong factors in the decision,” Nickell said.
At first, she felt that the business was growing well, and both partners were able to combine their creativity and passion for the projects. Nickell felt the camaraderie was a “bonus at the time” as they enjoyed the work along the way and were driving toward a common goal.
Many new businesses face obstacles, so when Nickel begins to notice problems, she hopes that their common interests and passions will help them overcome the problems. However, friendship can only go so far.
“It was fun when we first became business partners,” added Nickell. “We spent hours every day creating and investing in the business mindset.
“Early on, we struck a good balance, or it was equal parts sacrifice, and our passion led the way,” Nickell said.
“In the beginning, there were no red flags. But when the epidemic started, many aspects of business and friendship changed. Our priorities changed, and of course I made the final decisions.
“I don’t like to feel like I’m the only person making time or personal sacrifices for the business,” Nickell added.
“While the pandemic played a role in the problems, my business partner’s refusal to give up socializing or dating was a big part of the problem.”
Sadly, the business model collapsed in July 2022, and Nickell ended the journal they had been running on their own. Even though they’re no longer in business together, Nickell said, “Her loyalty is important,” so she has to get the job done.
the book, The Lightbulb Moments Journal: A guide to help you practice clarity and light up the world It even went on to become an Amazon bestseller, making it a bittersweet time for Nickel.
“Unfortunately, that business partnership fell apart when he chose another path, and as a result, our friendship,” Nickell said. “At the time, we were in the process of writing and publishing a journal that I had completed on my own.
“In retrospect, obstacles began to overcome commonalities that would have pushed our partnership through difficult times.
“We stayed in touch at first, although it became less and less over time,” added Nickell. He then ended the relationship in early 2021.
“I miss my friend so much. I believed my business partner when he said that he valued our friendship more than business. I have full faith that he made the best decision for himself whether it was heard or not. I want to believe that if we hadn’t started this business down the road, we would still be friends.”
Since going through a traumatic experience, Nickell said she’s heard of people who have lost friends by going into business with others, and it’s something she cautions people against doing.
Nickel explains: “Going into business with friends is like going into dangerous waters. If things start to go wrong and you’re prepared to sacrifice both the business and the friendship, then go.
“As a result, I’ve learned about a lot of similar issues through business colleagues, and I recommend that people give it a lot of thought,” added Nickell.
“There’s a lot more at stake than just the financials. But with the right framework in place from the start, it’s not an impossible task, I just know it’s not the way forward.”
People may choose to go into business with a friend because they trust them, but according to business expert and entrepreneur Andrei Gursky. News week Not without risks. He’s created several businesses, including HomeClean, and went into business with a friend, so he knows the challenges that come with it.
“In my experience, it’s common for friends to have different business and life goals,” Gursky said. “When these objectives are significantly different, it can lead to conflict and conflict in cooperation.
“Blurring the lines between personal and professional relationships can create complications. It can be difficult to separate personal feelings from business decisions, which can lead to biased decisions. It can also be challenging for friends to give each other honest and constructive feedback for fear of hurting their feelings.”
Gursky combines friendship and business. Conflicts related to work can be taken personally, which can hinder the development of the business. His advice is to set clear boundaries to separate work from friendships, so that neither has a negative impact.
Gursky added that it’s important to have a legal partnership agreement, so that if things don’t work out, it’s clear from the start who gets what.
Are you in a dilemma at work? Let us know via life@newsweek.com. We may ask experts for advice, and your story may be revealed. News week.