50 Questions to Ask Before Starting a Business With a Friend

Image captured by the author in Buenos Aires, 2018

It can seem like a wonderful idea. You already spend a lot of time together, you know each other well. You have similar interests. You love to have long conversations, to dream about the future. Then one day you think, “Why don’t we make it official? Let’s start a business together!”

Stop. there’s much more to consider when going into business with someone than if you like each other and are both excited about the same idea. Starting a company with a partner is like adopting a child in a sexless marriage.

Granted I’ve never been married. But a former business partnership is the closest I’ve come.

Below are 50 questions you should ask before jumping the gun.

Vision:

1. What impact do you want to have?
2. Do you have similar goals for what you want to achieve?
3. What does success look like to each of you?
4. What are you willing to sacrifice to achieve success?
5. What values are most important to each of you?
6. Do you want to sell the business?
7. If so, what conditions would you hope for?
8. If things aren’t going well, at what point will you cut your losses?