How does that saying go - "it's nothing personal, it's just business"?
Perhaps it is easier for many of us to say that to people we do not know well. However, when it comes to conducting business ventures with friends or family, not so much.
So often business ventures originate from the roots of our friend and family relationships. It is often that preexisting trust that gives the parties the confidence to move forward and build something together.
Sometimes everything works out beautifully and a mere handshake seals the deal to a blissful business relationship. However, sometimes the lack of due diligence and absence of professional advice at the beginning of the business relationship causes much pain down the road. The problem is, it is hard to see the finish line at the beginning.
As all of this illustrates, it is always a good idea to treat business with friends or family in the same way as business with strangers. Do your due diligence, speak with your professional advisors, and if you do not like what you see do not be afraid to back away from all of it and tell your friends or family that "it's nothing personal, it's just business".
"There was a long leash of good will here and a huge leash of trust," said Rush. "There wasn't the same vetting process as other business ventures." But by the end of 2015, the relationship unraveled. The two former business partners, who shared a love for luxury sports cars, a trip to Hawaii and even made a business deal worth millions in a Sherwood Park Cora's restaurant, were locked in a bitter legal battle on both sides of the border.