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Berrigan Motel
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I agree that you need to document everything so you’re both clear from the start on what you’re willing to do. That initial conversation might straight away highlight that you don’t want the same things from the business. Also, set up a few preliminary meetings for planning and see if she attends. If she doesn’t have time for planning, there’s a real question as to whether she has adequate (time) resources to offer right now. I’d be concerned that she didn’t get back to you about investing until you followed up and her commitment level may not be as high as yours.

The female perspective: Whether it will work, I think, will come down to the sort of relationship you currently have. Do you have a history, in your personal dealings, of being quick to alert one another if one of you crossed a line or do you have a history of holding grudges or staying silent because you don’t want to offend anyone? Is she the sort of friend who will tell you “yes, your butt does look big in that” or does she tell you “it looks wonderful” because she doesn’t want to hurt your feelings? You’ll need an honest relationship for this to work. I can see it destroying your friendship if you’re generally happy with not airing your problems and having support even when you’re making a mistake because you need the opposite from a business partner.