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Advice On Taking On A Business Partner...

 
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Old 08-09-2009, 06:11 PM   #21
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Re: Advice On Taking On A Business Partner...


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over the hill means they're good only for 4 hours of a 8 hour day.
watch it, youngster, I'll put my time up against yours anyday... ( yesterday was a typical 8:30am to 12:15 am...)
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Old 08-09-2009, 08:53 PM   #22
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Re: Advice On Taking On A Business Partner...


CarpenterShane,

IMO you should know alot more about this guy before you entertain any thoughts of going partners with him, maybe try the sub route first, and see what happens.

Ray
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Old 08-09-2009, 09:02 PM   #23
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Re: Advice On Taking On A Business Partner...


Don't do it. Avoid having partners. Do it solo. I have one company with partners and it sucks out loud, and one company with just me as the owner. I have a lot more fun and I make a lot more money with the solo company. Nothing against them personally, it's just a lot better doing it solo.
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Old 08-10-2009, 01:09 AM   #24
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Re: Advice On Taking On A Business Partner...


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Originally Posted by Deadhead Derek View Post
watch it, youngster, I'll put my time up against yours anyday... ( yesterday was a typical 8:30am to 12:15 am...)
if i'm a youngster.....you must be 25 years my sr (70)? by the way I never liked the freemasons either... the masonic lodge here sux
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Old 08-10-2009, 01:27 AM   #25
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Re: Advice On Taking On A Business Partner...


I would recomend against partners if you can avoid it. I got in with two partners mostly becuase I could not come up with the coin to start myself. One parntner was my former boss and was really doing me a favor for all the years I had worked for him. He did little to no work, he took no profit from the company and now I am buying him out for his initial investment cost over time with no interest(like I said he was doing me a favor). The other was in the buisness earning equeal pay for 4 years. This partner has been gone for 1 year, not replaced in the workforce and the buisness is doing about the same for volume & $ with me picking up the extra load. I have learned a lot about the books side of the buisness and have worked out some more efficient systems(Old parner was basicly figureing out cost and profit on every single item)
I am still buying out both partners over time with the money that the 2nd partner would have been makeing as wage.
I feel I was lucky with partners as I can see how things could have went wrong. But here are some advantages I can see to not haveing a partner vs haveing one.
Parnters must agree on major decisions on what the company should do(if an opertunity comes up to branch out into another line of work will you both want to do it)
If the company wants a line of credit both parnters are held responsible and one partner may not want to take the risk on a large job.
If one parner is bringing more to the table its still split based on ownership.
There are more but I would recomend employees(yes I agree its a PIA especialy here where employees seem to be transient) but at the end of the day your working for you and your family and if you work harder or save some expenses its for you and your family which is incentive to me to be work later and waste less.

Good luck either way.

& like Bill Z said dont be afraid to raise your prices a little. If your overbooked you are either underpriced or you are over apreciated. Either way you deserve a little more.

Jim
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Old 02-13-2012, 11:34 PM   #26
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Re: Advice On Taking On A Business Partner...


I also suggest hire him as a sub. I was in a 50/50 partnership for 15 years, the first 10 were ok most of the time, the last 5 were pure hell. I was a youngster when we started, and I learned a lot from him. The last 5 years the wives {on both sides } got involved and it went sour from there.Each one thought we were getting the shaft some how or the other. {and please don't you ladies hate on me, I'm not saying it's that way every place} Now I have a couple guys I use as subs and it has worked out fine. They do their own deal on taxes, and insurance, and i do mine. good luck on what you decide to do.
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Old 02-13-2012, 11:53 PM   #27
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Re: Advice On Taking On A Business Partner...


Honestly? Sounds like both of you guys need to go work for other people.

We all have deficiencies....don't get me wrong....

but if neither of you can manage the business end of things, you ought not to be in charge of the business. Sooner or later, that's going to bite you in the ~behind~ big time.
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Old 02-14-2012, 01:07 AM   #28
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Re: Advice On Taking On A Business Partner...


This thread is 2.5 years old... as a matter of fact I do "partner" with another contractor at times depending on the size and scope of work. Not the individual in question at the time though.
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Old 02-14-2012, 01:20 AM   #29
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Re: Advice On Taking On A Business Partner...


Worst ship is a Partner-Ship, trust me. You'd have a better chance at marrying an ex-wife.

I know the thread is old but my advice stands the test of time.
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Old 02-14-2012, 02:46 AM   #30
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Re: Advice On Taking On A Business Partner...


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Originally Posted by carpentershane View Post
This thread is 2.5 years old... as a matter of fact I do "partner" with another contractor at times depending on the size and scope of work. Not the individual in question at the time though.
Just curious how the last 2.5 years have been for you? Was the advice given in the original post good or bad? Did you end up raising your prices? or were they good to begin with? What lessons have you learned?
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Old 02-19-2012, 08:52 PM   #31
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Re: Advice On Taking On A Business Partner...


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Hire him or someone, but don't partner. I know of what I speak.

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