Fernando LoFrano – A Good Friend is Not Always a Good Partner

BIO: Fernando LoFrano is a Brazilian IT executive, promoter, and consultant in Digital Transformation, acting as an agent of transformation in organizations, impacting the transition of business models and operations to the new digital age.STORY: Fernando got into a partnership with a friend with whom they shared different views on business and success. Fernando was an ambitious entrepreneur hungry for challenges and quick success, while his friend was a family man working towards long-term success. Their differences made their business fail after only four years.  LEARNING: Think through your partnership, especially if it will affect your friendship, express your expectations from the beginning, and respect and value your friendship even as business partners. “Find partners with different skills, but with the same desire to achieve success.”Fernando LoFrano Guest profileFernando LoFrano is a Brazilian IT executive, promoter, and consultant in Digital Transformation, acting as an agent of transformation in organizations, impacting the transition of business models and operations to the new digital age.As one of the most influential in information technology in Latin America, he is an IT Governance Specialist with an MBA in Project Management.He is the author of The Role of Project Management in Digital Transformation.Worst investment everFernando started his entrepreneurship journey when he was 22 years old. Along the way, he decided to focus his business on IT solutions.Getting his friend onboardRefocusing his business was proving to be tough, and so to achieve his goal, Fernando decided to get a friend to partner with him. His friend was 26 years older than him.The unlikely pairIn the beginning, the new business plan sounded like poetry. But over time, things got hard. It became clear that the two partners had different motivations and expectations from the partnership.On the one hand, Fernando was a young, ambitious entrepreneur hungry for challenges and quick success. On the other hand, his business partner was a family man with other business commitments and working towards long-term success.The inevitable clashTheir different expectations led to numerous arguments and disagreements. So much so that the partners decided to go separate ways four years later.Lessons learnedThink through your partnership, especially if it will affect your friendshipFernando learned three important things from his business partnership:It is imperative to think through partnerships before getting into one.As you choose a partner, especially if it is a friend, consider how that partnership will affect your friendship.Empathy is critical when dealing with a partner.Andrew’s takeawaysExpress your expectations from the beginningEveryone goes into a business project or startup with different expectations, hopes, and fears. When partners don’t understand each other’s fears, hopes, or expectations, then it’s almost guaranteed the partnership will fail.Respect and value your friendship even as business partnersEvery partnership has moments when partners fight or argue about things. If you value your friendship, make sure that you stay respectful of each other even during such moments.Actionable adviceA good friend is not always a good business partner. Find partners with different skills but with the same desire to achieve success.No. 1 goal for the next 12 monthsFernando’s number one goal for the next 12 months is to promote and sell his new book.Parting words “As Lincoln said: ‘Give me six hours to chop down a tree and I will spend the first four sharpening the ax.’”Fernando LoFrano [spp-transcript] Connect with Fernando LoFranoLinkedInTwitterFacebookWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast