Partnership
Page 2 of 2 1 2
 
Thread Tools Search this Thread Display Modes
Old 09-29-2006, 07:28 PM   #21
Pro
 
Dave Mac's Avatar
 
Trade: Painting Contractor
Join Date: Jan 2006
Posts: 549

Re: Partnership

hey Kelly, I would never ever never do a partner thing, ive tried when i first started painting, with one of my best freinds, we dont talk anymore.
Maybe that girl, could teach you, the numbers game, all you need is quick books. and learn how to use them. You already have half the battle licked, you know what you need to learn. Just make up your mind, your going to learn how to do it, and do it yourself. really it only takes a half hour a week, at the most for a small company to do the books. and once you start seeing the finicial reports for each job, it is really cool, and something you lookforward to. that my two cents.

Dave Mac is offline  
Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. ContractorTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!

Old 09-29-2006, 08:24 PM   #22
Plays Well With Numbers
 
Debookkeeper's Avatar
 
Trade: Bookkeeper for GC, Residential Const, HVAC & Plumber
Join Date: Jul 2006
Location: CT
Posts: 629

Re: Partnership

Quote:
Originally Posted by KellyPainting View Post
without booring you too much.. here's the rundown....

I started this buisness a year ago.. I didn't even have a car... got droped off at jobs or had helpers drive me...I would tell the customers that "My guys going to do some touch ups.. and will be back to pick me up"
I didn't have insurance or anything........ Now..present day.. Fully insured
got t-shirts.. new truck...haven't realy advertized yet...and am still booked ahead of time...started with a Home depot account... using behr
work almost every day..... just have alot of bills ... and not great w/ handling money..managing it..... buisness has been good I've ate everyday
and my rents been payed... still got a $4,000 home depot bill I pay every month on top of everything else ..just wish I could get into my truck and go paint...w/out all the headaches..... ow ya.. and I'm still not paying taxes.... got to get it all together... form a company and handle all the cash flow the proper way.... you think all I need is a bookeeper? or a buisness manager?.....or what?.....please tell me
A competent experienced Bookkeeper/Office manager should be all you need. Heck - it would even be cheaper for you to hire an Accountant to take care of your books and taxes, than taking on a partner. Find an account who has a bookkeeper in the office, that way they can get quickbooks up and running for you and take care of the paperwork burden while you continue to work. Check into that option before you sign 30% of your business away. You have only been in business for a year, you need to be patient and like you stated, you have come along pretty far already. Just think another two years from now....
Quickbooks is user friendly, but if you don't understand accounting don't take that burden on. From your posts, that appears to be what you don't want to have to deal with. I work for 3 seperate trade guys who don't want to know ANYTHING about the office work. They just want to see the numbers are working. You are not alone! Good luck!
Debookkeeper is offline  
Old 09-29-2006, 08:46 PM   #23
Painter S.Illinois
 
paint slinger's Avatar
 
Trade: Painting Contractor
Join Date: Sep 2006
Location: S.Illinois
Posts: 60

Re: Partnership

You should hire a CPA and think long and hard about a partnership,Some where down the line each will want to take the company in a different direction and a split will occur and you could loose both a friend and client.
paint slinger is offline  
Old 09-29-2006, 10:01 PM   #24
Pro
 
KellyPainting's Avatar
 
Trade: Painting Contractor
Join Date: May 2006
Location: Mass
Posts: 687

Re: Partnership

Thanx for all the advice.....hey if I can figure out how to post pictures here...then anything is possible..right!

http://www.contractortalk.com/attach...1&d=1159581678
homepage_trio.jpg
Attached Images
 
KellyPainting is offline  
Old 09-29-2006, 10:08 PM   #25
Plays Well With Numbers
 
Debookkeeper's Avatar
 
Trade: Bookkeeper for GC, Residential Const, HVAC & Plumber
Join Date: Jul 2006
Location: CT
Posts: 629

Re: Partnership

You have to keep us updated on what you decided. I am nosey
Debookkeeper is offline  
Old 09-30-2006, 07:38 PM   #26
Pro
 
lornmastro's Avatar
 
Trade: interior paint contractor and window treatment workroom
Join Date: Mar 2006
Posts: 339

Re: Partnership

i know i've said this before but SCORE has been a big help to me and like i said its free(they also have a website that was very informative). they gave me do all the things i needed to do to be legal...and they can also help you with a business plan/marketing/ect.....i also thought about taking on a partner..but my sister said "WHAT ARE YOU CRAZY..YOU'VE WORKED SO HARD TO GET THIS COMPANY UP AND RUNNING WHY WOULD YOU GIVE SOMEONE ELSE A PIECE OF THAT PIE?!?!....AND I THOUGHT ABOUT IT AND REALIZED SHE WAS RIGHT
lornmastro is offline  
Old 09-30-2006, 08:20 PM   #27
Pro
 
rws's Avatar
 
Trade: paint contractor
Join Date: Nov 2004
Location: nyc metro area
Posts: 176
Send a message via AIM to rws

Re: Partnership

I am sure that a lot of the above was said to Sherwin Williams,Black and Decker,Lewis and Clark and Abbott and Costello also.
rws is offline  
Old 09-30-2006, 09:26 PM   #28
Pro
 
Flawless Finish's Avatar
 
Trade: Painting
Join Date: Aug 2006
Location: St. Louis, MO
Posts: 106

Re: Partnership

Quote:
Originally Posted by lornmastro View Post
i also thought about taking on a partner..but my sister said "WHAT ARE YOU CRAZY..YOU'VE WORKED SO HARD TO GET THIS COMPANY UP AND RUNNING WHY WOULD YOU GIVE SOMEONE ELSE A PIECE OF THAT PIE?!?!....AND I THOUGHT ABOUT IT AND REALIZED SHE WAS RIGHT
Had a friend approach me about a week back about being my partner. My G/F said the same thing as your sister. It made me realize he just wants to jump on my success and make money.
Flawless Finish is offline  
Old 09-30-2006, 09:37 PM   #29
Plays Well With Numbers
 
Debookkeeper's Avatar
 
Trade: Bookkeeper for GC, Residential Const, HVAC & Plumber
Join Date: Jul 2006
Location: CT
Posts: 629

Re: Partnership

Quote:
Originally Posted by Flawless Finish View Post
Had a friend approach me about a week back about being my partner. My G/F said the same thing as your sister. It made me realize he just wants to jump on my success and make money.
The only way to handle something like that is they need to "buy in" and that would be determined by your gross sales. They need to cough up some dough first!
Debookkeeper is offline  
Old 10-01-2006, 04:20 PM   #30
Pro
 
Jonesey's Avatar
 
Trade: Painting and Finishing
Join Date: Jul 2006
Posts: 208

Re: Partnership

Partnerships are a bad thing. I've never actually seen one that worked. There's always strife, and it usually ends badly.

IMO, get a copy of quickbooks and incorporate under subchapter S. Start paying yourself a salary just like you would an employee that covers your expenses and leave the rest of the money in the business. For one thing, it's cheaper. Taxes will kill you if you don't. For another it will add stability to your business and personal life to have capital to invest. And lastly, it will make you more attractive to investors if you are ever short of capital.

Best of luck to you.
__________________
Steve Jones
steve@jonespaintingonline.com
Jones Painting Feel the difference service makes
Jonesey is offline  
Old 10-02-2006, 08:07 PM   #31
Pro
 
Flawless Finish's Avatar
 
Trade: Painting
Join Date: Aug 2006
Location: St. Louis, MO
Posts: 106

Re: Partnership

Quote:
Originally Posted by Debookkeeper View Post
The only way to handle something like that is they need to "buy in" and that would be determined by your gross sales. They need to cough up some dough first!

Yep. He said he doesn't have much money and that's why he's looking to quit his job and join me. I'm thinking not.
Flawless Finish is offline  
Page 2 of 2 1 2


« Previous Thread | Top of Page | What's New | Next Thread »
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Buisness partners Subia29 Business 20 05-26-2007 10:28 AM
Ditching a partnership Toothpick Business 15 12-03-2006 07:57 AM
Opinions and input on partnership CNC Business 17 05-24-2006 05:00 PM
Need a partnership license sabra1974 General Discussion 0 03-21-2006 11:41 PM
Advice on remodelling business startup alienofwar Remodeling 11 02-07-2006 09:27 AM

Join Now... It's Fast and FREE!

Privacy Badge
I am a professional contractor
I am a DIY Homeowner
ContractorTalk.com is for
PROFESSIONAL CONTRACTORS ONLY!

At ContractorTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?