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Can A Joint Business Owned By 6 Friends Work?

my bro was telling bout how he and his friends started a business for over 2 to 3 years now.

they came together to start a business out of friendship but he's been complaining the business is not growing.

they are almost breakin up now

i told him the reason for the business not growin is cos since they are all friends they all dont do things they are supposed to do cos no one is bigger that the other one.

and also, the are too much. . .6 people owning a comany is too much. .

or wat do u guys think

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14 answers

it still goes down to the fct that they all av to put their friendship behind and become workers.

whenever the freindship wants to interfere with work, it causes a lotta stbacks

so if u have to own a bizness with ur friends, know the risks involved but put the friendship aside and WORK

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ONCE YOU KNOW U ARE GOING INTO A PARTNERSHIP WITH UR FRIEND,U CEASE TO BE FRIENDS AND U AV BECOME PARTNERS.IN FACT 6 PEOPLE IS TOO SMALL because THE NUMBER OF PEOPLE AFFECTS THE POOLING OF RESOURCES TOGETTHERE ARE LAWS GOVERNING PARTNERSHIPS WHICH MUST BE FULFILLED BEFORE U CAN BE REGISTERED IN THE FIRST PLACE.SO THERES NO ROOM FOR UNDERPERFOMANCE.ITS ONLY WHEN U DONT FOLLOW THE RULES RECOGNISED BY LAW THAT TROUBLE SETS IN.COS AFTER SOMETIME A PARTNER MAY BECOME LAZY AND REFUSE TO PERFORM HIS OBLIGATIONS.ALSO A PARTNER MUST HAVE A STAKE ON THE SUCCESS OF THE BUSINESS ,THIS THEREFORE WILL MAKE HIM SERIOUS.

ITS JUST THIS AFRICAN MENTALITY OF OWNING YOUR BUSINESS THAT DISALLOWS US FROM HAVE  CONGLOMERATES LIKE THE AMERICANS.CHEERS

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i totally agree with disturbed.

workin with friends can be very very annoying. i mean, they dont do the work like strangers would. they dont put their hearts to the job since they are all equal.

its better workin strangers. they give u the respect are due. . .not friends. they carry the friendship into the business and eventuall kills it

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i totally agree with the too many cook adage. . 6 seems kind of alot. they are all of the same age so choosin a head would be a hard thing because none of them has an advantage over the other to qualify for the position.

so even if one person is chosen as head, does he have the final say?? remember they all own the business and one person cannot call the shots. so if the head doesnt have a final say, what then is he doin as head? it all goes back to square one.

i think having friends in a business is harmful. they dont really put their hearts to the work because no one can scold them . . . .i mean, we are all friends aren't we?

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If six people owns the business is not much i can tell you that. But if all the six people want to be the Director or manager is too much.But either own by six people or more than that the best thing is co-operation among them.

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I totally agree with Loads.

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You all 6 friends must have formed a partnership agreement running a business. All 6 partners must share equal 100% profit by 6 split profit earning. (16% each equally) A partnership agreement must be drawn by your own attorney.

All 6 partners must have proper titles how to run business as follow below: (give an example)

One CEO president - earn 16% profit

One CEO vice president - earn 16% profit

One treasurer/bookkeeping/finance - earn 16% profit

One secretary/telemarketer/errand boy - earn 16% profit

One marketing/promotion coordinator - earn 16% profit

One distribution/duplication coordinator (whatever title will be) - earn 16% profit.

Based on the partnership agreement that all 6 partners MUST AGREED how to distribute all earning profit by split in 16% each. If not working, then partnership will be DIVORCED and SHUT DOWN BUSINESS/SELL BUSINESS to someone else or get new partners.

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of course - i ran a brothel with my friends for ten years - its still up till today - who says its not possible?

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Have you heard of the saying, "Too many cooks spoil the broth"? One chef, might want to add salt to the soup, another cook would complain that it is oversalted, the third would propose adding "Ajino moto", and so on. Be realistic, while they have been sucessful biz ran by multiple individuals, it takes more than maturity, and a display of business acumen to make it work.

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for the qus. its possible. but one thing ought to have been done from the beginning.RULES FOR RUNNING THE BIZ

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6 people owning a business is not too much but 6 people controling a business is too much. I have a business in which i own with 4 of my friends one of the first things we did was sharing responsibilities and appointing a CEO that makes all the day to day decisions and any major decision will go to the board. They need to diffrentiate their friendship from the business as the two should not mix.

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and another problem is this,

who heads the team

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it's not too much but it can be a burden if they all want to be hands-on in the running of the business. they just have to define their roles carefully and thoughtfully.

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