Starting a Business with Family and Friends Course

Lesson 1 • Why Partner with Family and Friends

Examines the motivations and advantages of launching a venture with trusted relationships. Sets the stage for evaluating fit before deeper planning begins.

Lesson 2 • Defining the Business Concept Together

Guides partners through co-creating a shared business idea with clarity. Ensures all founders align on purpose before structural decisions are made.

Lesson 3 • Assessing Readiness and Compatibility

Provides tools to evaluate whether partners are genuinely ready to work together. Connects personal readiness to long-term venture sustainability.

Lesson 1 • Exit Clauses and Buyout Provisions

Prepares partners for the possibility that someone may leave the business. Reduces conflict by establishing exit terms before emotions are involved.

Lesson 2 • Core Elements of a Partnership Agreement

Covers the essential clauses every co-founder agreement must include. Provides a structural template that later sections refine and expand.

Lesson 3 • Roles, Responsibilities, and Titles

Defines how to assign clear operational roles to each partner. Prevents overlap and confusion that commonly derail family ventures.

Lesson 4 • Compensation and Equity Structures

Explains salary, draw, and equity models appropriate for small co-founded ventures. Connects fair compensation design to partner motivation and retention.

Lesson 1 • Registering and Formalizing the Entity

Walks through the practical steps to officially register the chosen business structure. Ensures students complete all required filings before operating.

Lesson 2 • Tax Implications of Each Structure

Compares how each entity type is taxed at the business and owner levels. Enables partners to choose a structure aligned with their financial goals.

Lesson 3 • Overview of Business Structure Options

Introduces the main entity types available to co-founders and their core trade-offs. Provides the vocabulary needed for all subsequent structure decisions.

Lesson 1 • Funding from Family and Friends Safely

Covers the mechanics and risks of accepting money from personal networks. Establishes protocols that protect relationships while securing needed capital.

Lesson 2 • Creating a Cash Flow Projection

Guides students through projecting monthly inflows and outflows for the first year. Cash flow visibility is essential for managing partner expectations and operations.

Lesson 3 • External Funding Sources and Options

Surveys grants, microloans, crowdfunding, and small business lending as alternatives. Broadens the funding toolkit beyond personal networks.

Lesson 4 • Managing Partner Financial Contributions

Addresses how to track, value, and account for unequal financial contributions among partners. Prevents financial resentment that can fracture co-founded businesses.

Lesson 1 • Decision-Making Models for Co-Founders

Compares consensus, majority, and delegated decision models for partner teams. Helps students select the right model for different decision types.

Lesson 2 • Separating Business and Personal Relationships

Teaches practical boundaries that keep professional disputes from damaging personal bonds. Boundary-setting is a critical skill unique to family and friend ventures.

Lesson 3 • Designing a Governance Framework

Introduces the concept of internal governance and why it matters for small co-founded teams. Provides a scalable framework adaptable to any venture size.

Lesson 4 • Resolving Conflicts Before They Escalate

Provides a step-by-step conflict resolution process tailored to family and friend dynamics. Early resolution preserves both the business and the relationship.

Lesson 1 • Hiring Beyond the Founding Team

Covers when and how to bring in employees or contractors outside the family circle. Expands operational capacity while maintaining cultural cohesion.

Lesson 2 • Setting Goals and Key Performance Indicators

Introduces goal-setting frameworks and KPI selection for co-founded small businesses. Shared metrics align partner efforts toward common outcomes.

Lesson 3 • Accountability Without Micromanagement

Teaches how to hold partners accountable through systems rather than surveillance. Preserves trust while ensuring commitments are met.

Lesson 1 • Dividing Marketing Responsibilities Among Partners

Addresses how to allocate marketing tasks based on partner strengths and availability. Clear ownership prevents marketing from falling through the cracks.

Lesson 2 • Crafting a Compelling Value Proposition

Guides students through articulating what makes their offering uniquely valuable. A strong value proposition anchors all messaging and sales conversations.

Lesson 3 • Digital Marketing Fundamentals for Startups

Introduces cost-effective digital channels appropriate for resource-constrained co-founded ventures. Connects channel selection to the target market identified earlier.

Lesson 4 • Identifying and Understanding Your Target Market

Teaches market segmentation and customer persona development for early-stage ventures. A clear target market focuses all subsequent marketing and sales efforts.

Lesson 1 • Evolving Partner Roles During Growth

Addresses how co-founder responsibilities must shift as the business scales. Proactive role evolution prevents resentment and operational bottlenecks.

Lesson 2 • Exit Strategies and Business Continuity

Surveys exit options including sale, merger, and dissolution, and how to execute them cleanly. Prepares co-founders to protect both financial and relational outcomes at exit.

Lesson 3 • Succession Planning for Co-Founded Ventures

Guides students through creating a succession plan that addresses leadership and ownership transfer. Early planning ensures business continuity regardless of personal circumstances.

Lesson 4 • Bringing New Family Members into the Business

Provides a framework for deciding when and how to involve additional family members. Structured onboarding prevents nepotism perceptions and team friction.