Welcome in as we talk in this episode about investing money in a loved one's business. If you are investing money or loaning money to a friend, should you get that in writing? Do you need to establish boundaries? We answer these questions and more, discussing the difference between investing and loaning, why communication is important, how we need to assess risks, and so much more.
In short, it's really important that when you are investing, you should be aware of what you are getting into and have something on paper. This applies even when you're investing in a best friend's or family member's business!
We hope that this episode of CEO Chronicles is interesting and/or helpful to you! Let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!
Time Stamps
[1:25] – Karamel has been planning a Women Travel Abroad app.
[3:37] – Michele discusses how to invest in a close friend's business.
[5:15] – What is the difference between an investment and a loan?
[7:17] – Michele explains why she and Karamel didn't invest in each other on paper.
[10:25] – We need to establish a business plan before lending or investing money.
[13:14] – Michele emphasizes the importance of clear and frequent communication.
[14:10] – We are reminded to not invest money that we can't afford to lose.
[16:50] – Michele encourages us that money isn't the only way to support a friend's business.
[20:01] – Celebrities sometimes invest in things just because they believe in them.
[22:56] – Michele discloses that she has never been on a WTA trip.
[25:14] – Karamel agrees that she is a travel expert.
[26:15] – Karamel summarizes this episode's main takeaways.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website