Childhood buddies Ben Cohen and Jerry Greenfield came from humble beginnings. They invested in a $5 correspondence course in ice cream making from Penn State University and $12,000 in cash and opened their first ice cream shop in a renovated gas station in Burlington, Vermont in 1978.
Twenty-two years later they sold their company, Ben and Jerry’s Homemade, to multinational food giant Unilever for $326 million.
Ben and Jerry proved that friends can be successful business partners and build a wildly successful business that boasts a worldwide brand.
But for every Ben and Jerry success story about friends going into business together, there are stories where the opposite occurred with the business going belly-up.
As John D. Rockefeller opined, “A friendship founded on business is a good deal better than a business founded on friendship.”
Here are several questions to consider before asking a friend to join your new venture.
As always, should you have any questions or concerns regarding your tax situation please feel free to call.
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The possibility of capital gains tax should be understood before selling your residence. Tax surprises here could be costly!
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