Lend a buck, lose a friend. - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on September 13, 2003 at 11:05:31:
Friend of foe, here is what I usually do…I put into writting any transaction involving $100 or more. Years ago it was $25, and as a kid dealing with siblings it was 25 cents. If you are rich or religious, its still 10 cents.
We tend to have less trouble with strangers because we are more circumspect and wary of them. Watch out for family members and friends though. PUT IT IN WRITTING with EVERYONE, if it involves $100 or more. All parties sign the writing. All parties get a copy (to jog their memories). If you don’t have a photocopier just make duplicate originals and label them as such.
Its a little like the, ‘good fences make good neighbors rule’. Good contracts make for good long term business relationships. Be fair. What is worth more, a one time deal in which you make double profits or a life time business relationship that involves hundred of deals with single profits? Even if you are in a position to overreach a little, don’t do it. Most deals won’t come to fruition unless they are MUTUALLY profitable. Leave something on the table for the other guy to make it in HIS best interests to fulfil HIS part of YOUR deal. This took me many years, and millions of dolars in lost profits to learn. I’ve always tended to go for the jugular but it isn’t the most profitable policy in the long run. It isn’t the go-getters who prosper most, it is the go-givers.
Verbal agreements are only good for starting arguments, causing defaults, and ruining friendships.
As for dealing with those close to us remember the admonition: Lend a buck,lose a friend. More than a little truth in that one.