You've heard it said that friendship and business don't mix. And generally speaking, it may be true. But some time ago I acquired a company with a very good friend, and so far things have worked well.

Each of us brings to the partnership different skills, unique creativity and thought diversity that has allowed our partnership to thrive and our company to flourish. While we don't always agree, we handle disagreements with open communication. Then we laugh with our wives about the rigors of doing business together when we go out socially on the weekend.

Now, don't get me wrong. I am aware of the risks involved in doing business with friends. But I think there are ways to minimize the risks to ensure a healthy partnership despite the risks. My partner and I make a good team, just as we felt that we would from the time we became friends several years ago at business school.

A business partnership is often compared to a marriage (indeed, I spend more time with my partner than with my wife). Interestingly, many counselors suggest that a marriage is stronger when the relationship started as a friendship. Couldn't this also be the case with a business partner? My wife and I were friends for some time before we started a romantic relationship. We knew we were compatible on many important fronts necessary to ensure a healthy marriage. And it seems to me that my business relationship with my friend is healthy for many of the same reasons.

The benefits of working with friends can be immense. My partner and I had mutual respect for each other's business acumen before we ever went into business together. I knew that our congruent work ethic, passion and integrity would allow us to work equally hard to ensure a successful outcome of a venture that we took on together.

When going into partnership with lesser-known acquaintances, you are not afforded the luxury of truly knowing your partner until it is often too late. I have had this experience as well. In one case, the partner was a liar and a thief, and one with whom I hope to never again associate. Given the two choices, you will always see me doing business with one of my closest friends.

If you do choose to go into business with a friend, you should take similar precautions to those that you would take if you were going into business with an acquaintance. Force yourselves to have the difficult conversations before going into a partnership. Discuss things such as compensation, division of equity and individual roles and responsibilities within the business. Create a contingency plan for some of the unexpected things that may happen within your business. For example, decide how you will handle a partner's choice to exit the business, a dip in revenues that forces the partners to go without compensation, or even the death or bankruptcy of one of the partners. Seek advice from a professional on these matters and then put your agreements down on paper (again with the help of a professional).

One thing you can count on is that things won't always be "rosy" within any partnership, friend or no friend. However, if you have taken the proper steps and precautions up-front and something does happen, you can look toward your agreements as a resolution to the issue. Then you can move on with your business.

And with your friendship.