The HGTV stars are executive producing a new series, Chi-Town Flip

Tarek and Christina El Moussa are still filming the seventh season of Flip or Flop post-split, and the hit show won’t be their last together.

In fact, the friendly exes are diving into a new venture: producing.

Chi-Town Flip, which follows husband-and-wife team Bryan and Maira Segal as they transform homes in the Windy City follows the same model as Tarek and Christina’s successful series, and will be the first launched by the production company the El Moussas formed last year, before they separated.

“We’ve been working together for a really long time, It’s our job. Obviously, we know each other really well,” says Tarek of the former couple’s dynamic as business partners. They’re co-executive producing the series, which he notes they began working on “before separation. So it’s been a long, long process.”

But they’re not simply seeing the project through before parting ways. Tarek tells PEOPLE exclusively, he’s not ruling out the possibility of working together again down the line. “It’s hard to say right now because we’re just letting the dust settle. But I’m always looking for growth, always looking into tomorrow,” he says. “The future is bright. We’ll see what happens,”

WATCH THIS: Christina and Tarek El Moussa’s Divorce Has Not Stopped Their Business Relationship

Christina and Tarek discovered their proteges at one of their real estate seminars, where Bryan, a former police officer, made sure to leave a lasting impression on the HGTV stars. “While we were doing pictures with all the students,” Tarek explains, “he comes up to me and shakes my hand and says, ‘You’re gonna know me.’ And I’m like, ‘Okay, nice to meet you,’ and he goes, ‘No,’ and he wouldn’t let go of my hand, ‘You are going to know me.’ I thought he was funny. Ten minutes later he comes back. He went back in line again to tell me, ‘You are gonna know me.'”

And he was right. The two connected after the seminar and became fast friends. “I definitely mentored Bryan quite a bit,” Tarek notes. “And it’s really worked out. He’s created a really successful business with his wife.” Bryan and Maira take on similar roles to Christina and Tarek, with the guys focussing on construction and the women designing to sell.

In the premiere alone, they face possible bullet holes in the windows, unsightly facades, and 100 years worth of potential damage — and that’s all before they step inside.

Check out the trailer above and watch the premiere of Chi-Town Flip August 6 at 2PM on HGTV.