Are you planning to start a business with a friend or family member? If so, you are in good company. About half of all startups today are organized among friends, family members or spouses. It makes sense too because in today’s highly competitive business climate, startup entrepreneurs want to pursue their most ambitious goals with people they trust. So why is it that the longest, most emotionally wrought letters I get from business owners seem to involve partnership battles with “former” best friends?
Is it smart to use retirement accounts to fund a new business?
By Susan Schreter | February 18, 2018 3:00 pm
I love helping entrepreneurs set purposeful goals for their new companies. And because they are often doing things that are new to them, they need encouragement too. This is why I frequently write, “You can do it” at the end of many of my columns. However, there are a few occasions when I emphatically say to business owners, “Don’t do it!” I don’t have many absolutes in business building, but I do consistently discourage entrepreneurs from using precious retirement funds to launch a startup business.