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Old 09-21-2012, 09:26 PM   #6
BenBoobmers

Join Date
Oct 2005
Posts
388
Senior Member
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There is a saying in friendship: The quickest way to lose a friend is to lend them money.
I personally have found that to be true, I have lent 2 different, people a few thousand dollars in the past and when it's time to pay you back, they don't want to know you, as they have no intention of paying the money back. Fortunately I always made them in there own had writing written contract signed with an independent witness, to pay the money back, when they not pay the money back, I repressed there furniture, it did not matter as they were never friends in the first place as they had no intention to pay the money back, I latter found out these people have ripped off many people in the same way.
In business the best guarantee of success is experience, I had success, and have no qualification, I had to work hard, persist and use common sense, before I became good at it. I had a friend who had a degree in business and she went bust 5 times and now teaches business. I retired at age 33 yo on an income approaching 1 million dollars a year.
The options you have are as below.
1)The bottom line, don't lend money to keep a friend.
2)If you look at it as investment, have a league contract drawn up so you, receive a percentage of the profits, and prepare to lose your eggs if you have them all in the one basket. To get a small business started have a financial plan and then double the amount of cash you need, be prepared to keep poring in cash into that business, till the good will, is established, always keep putting money aside for marketing in a restaurant as competition can make them collapse as fast as they grow, keep a good eye on your cash flow. Have a good product, and give good service, make shore the staff have an attitude the customer is always right and they have manners.
3)Give the money as a gift and tell them you not want the money back.
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