{"id":3000008526,"date":"2020-02-04T11:13:24","date_gmt":"2020-02-04T16:13:24","guid":{"rendered":"https:\/\/www.wework.com\/ideas\/?p=3000008526"},"modified":"2020-09-03T05:53:24","modified_gmt":"2020-09-03T09:53:24","slug":"when-a-childhood-friend-becomes-a-business-partner","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/community-stories\/member-spotlight\/when-a-childhood-friend-becomes-a-business-partner","title":{"rendered":"When a childhood friend becomes a business partner"},"content":{"rendered":"\n

There are many fond memories shared between childhood friends. But what happens when a brilliant business idea comes out of a casual movie night? Next thing you know, you might be launching a company<\/a> with the same person you shared crayons with in the first grade. <\/p>\n\n\n\n

Starting a business with a friend can seem like an ideal situation: You\u2019ve already earned each other\u2019s trust and know each other\u2019s strengths and weaknesses. Yet if the business hits troubled waters, things can get a little messy\u2014and may start to feel personal. Steven Papadakis and Peter Abreo, two members of the WeWork community, know this story very well. Each of them launched businesses with childhood friends\u2014and today, their friendships and companies are thriving. Here are their tips to keep both your business and your friendship strong. <\/p>\n\n\n\n

Agree on a vision<\/h2>\n\n\n\n

A clear vision is essential for any business, but this is particularly true when you\u2019re starting a business with a friend. Getting on the same page in terms of your goals, mission<\/a>, and long-term business plan<\/a> ensures that you and your friend are working together toward the same outcome. \u201cThe vision becomes the force that drives you to get things done,\u201d says Papadakis, a member at WeWork 3537 36th St<\/a> in Queens, who launched Nyath Group\u2014an umbrella company that encompasses electrical contracting and real estate\u2014with his childhood friend Michael Gatzonis. Both founders had the same vision: an ambition to create generational wealth for their families through real estate.<\/p>\n\n\n\n

Build on existing trust <\/h2>\n\n\n\n

\u201cThe best part about building a business with a friend is knowing that you can trust and rely on the person you\u2019re hustling with 24-7,\u201d Papadakis says, who\u2019s known Gatzonis since eighth grade. It\u2019s important to use that trust to your advantage and keep the same mentality in business. \u201cMichael (Gatzonis) is very \u2018go, go, go, and we\u2019ll figure it out later.\u2019 I\u2019m more analytical with my approach,\u201d Papadakis says. Because their company is founded on a long history of friendship and a strong basis of trust, these differences are more advantageous than disadvantageous. Papadakis and Gatzonis know when one approach works better than the other in certain situations. <\/p>\n\n\n\n

Find someone who challenges you <\/h2>\n\n\n\n

Peter Abreo, a member at WeWork Galaxy<\/a> in Bengaluru, India, got lucky when he ran into an old friend in the WeWork Galaxy kitchen who he hadn\u2019t seen in 25 years. \u201cGerard has a big-thinking approach, so he inspired me and drove me to conceive of Bespotted,\u201d Abreo says of childhood friend Gerard Rego.<\/p>\n\n\n\n

Shortly after they reconnected, Abreo launched Bespotted, a platform that allows freelancers to list and benchmark their skills, along with another childhood friend. \u201c[Rego] challenged me to disrupt the business models of a few technology platforms,\u201d Abreo says.<\/p>\n\n\n\n\n\n

Bring in fresh perspectives <\/h2>\n\n\n\n

If you initially met your business partner at a young age, you may come from similar backgrounds. For example, Abreo and Rego went to the same church growing up, and Papadakis and Gatzonis went to middle school together. Therefore, it is important to bring in new perspectives from people who can help identify blind spots that founders from similar backgrounds may miss. Papadakis and Gatzonis started their company in 2018 and quickly built out their team. \u201cWe originally started with a hot desk in 2017,\u201d Papadakis says. \u201cEighteen months later, we have two offices and 11 full-time employees.\u201d In the past two years, they\u2019ve hired electricians, real estate buyers, field managers, and other employees who have allowed them to take on larger, more profitable projects. Without the expertise of these employees, the business wouldn\u2019t have been able to grow at its current rate. <\/p>\n\n\n\n

Carve out some friend time <\/h2>\n\n\n\n

When you work together all day, it\u2019s easy for a casual dinner to turn into a business one. But setting aside time to focus solely on your friendship can help your relationship stay strong\u2014which, in turn, benefits the business. If you\u2019re spending quality time together, try to leave your laptops behind and silence your phones to tune out work-related distractions. <\/p>\n\n\n\n

Communicate often, with everyone<\/h2>\n\n\n\n

Despite your best efforts, the boundaries between work time and friend time will be crossed at some point. When that happens, be sure to share any of the great ideas that are generated with the rest of the team. It\u2019s important that all of your employees feel included and supported, even if they\u2019re not coming to brunch with you on Sunday morning. <\/p>\n\n\n\n

Write down your plans<\/h2>\n\n\n\n

Writing everything down is a best practice for any entrepreneur starting a business, but it is a nonnegotiable when going into business with a friend. While it may feel unnecessary or a little uncomfortable at the time, documenting a business plan, an exit plan, and the what-if scenarios can help you navigate any murky waters without hard feelings\u2014ultimately preserving your friendship in the long run. \u201cThough we haven’t faced too many challenges as of yet, the hardest part of running a business with a friend is deciding how to continue our friendship irrespective of the business outcomes,\u201d Abreo says. <\/p>\n\n\n\n

Express your appreciation<\/h2>\n\n\n\n

Showing gratitude to someone helps bolster a strong bond between two people in business, particularly those who have a relationship they\u2019d like to preserve outside the business. Telling your business partner that they nailed that investor pitch can go a long way in establishing empathy and trust. Abreo\u2019s best advice: \u201cBuild trust, be transparent, and genuinely believe in each other\u2019s skills and capabilities.\u201d <\/p>\n\n\n\n

If there\u2019s one thing that Abreo and Papadakis have both learned, it\u2019s never pass up an opportunity to catch up with an old friend or engage with a new one. You never know when it could change the trajectory of your life. \u201cBumping into a childhood friend in the kitchen would seem normal to most,\u201d Abreo says in his blog post<\/a> on Medium<\/a>, \u201cunless you\u2019re able to look back a year down the line to figure out that it had completely altered your career path.\u201d<\/p>\n\n\n