There’s all kinds of possible issues that could arise when you are starting a business with your friends or family, but truly, what matters most is the relationship between those involved because that’s the only real area where the dynamic is a bit different to any other business.
The key lesson here is when you are doing business with friends or family, you have to drop the ego and just put that relationship aside for the good of the company.
Everyone has their strengths and weaknesses and realizing and utilizing this fact is the key to success, but time and again this point is overlooked when it comes to business with friends and family. A lot of the time we get caught up with titles and whose CEO, whose President, whose in charge of this, whose in charge of that, when really it doesn’t even matter.
If everyone just focuses on what they are good at, you have the recipe for success. What difference does it make whose CEO? The person that is, should be suited to that position and have strengths of looking at the big picture and running a business, whereas someone tasked with COO would be more analytical, strategic, and capable of the day-to-day grind. And really, at the end of the day, it only benefits all of you because its your business, despite what your title may say.
So just drop the ego and be successful!