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Im Thinking About Taking On A Partner

 
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Old 08-21-2011, 09:47 AM   #21
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Re: Im Thinking About Taking On A Partner


Most partnerships fail. The one between my dad and grandpa did. Im partners with my old man. He started a general building /remodeling company, I was a commercial super at another company and he made me a deal for a sweat equity partnership, which has come to fruition.

Our only problems have been father/son ones, it took a while for me to remember he was a vastly more experienced and still a far better builder, and it took him a while to realize I wasn't 20 years old any more and had and could run difficult projects. Normal growing pains, but we were lucky.



Good luck, Jaw

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Old 10-17-2011, 07:21 PM   #22
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Re: Im Thinking About Taking On A Partner


Take on an employee with profit sharing and incentives for stellar performance, but maintain control of the books, clients and direction your company takes.
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Old 10-17-2011, 10:24 PM   #23
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Re: Im Thinking About Taking On A Partner


If at all possible I would avoid taking on a partner. I have had 1 good one and several horror stories. I will never get involved in another partnership. Today I will consider a joint venture for a specified project.

If a guy is partnership material he should be out on his own. You will need to find someone that has strengths to compliment your weaknesses a hard order to fill. You will also need to have a clear concise understanding of each others goals and direction for future growth.

The biggest obstacle in my mind is when you gain the persons skill and expertise you also gain all their personal issues and dysfunction. A partnership my seem like a good idea but in the end if you are not equally yoked you'll find your pulling in opposing directions.
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Old 10-17-2011, 10:37 PM   #24
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Re: Im Thinking About Taking On A Partner


Quote:
Originally Posted by GRID View Post
If at all possible I would avoid taking on a partner. I have had 1 good one and several horror stories. I will never get involved in another partnership. Today I will consider a joint venture for a specified project.

If a guy is partnership material he should be out on his own. You will need to find someone that has strengths to compliment your weaknesses a hard order to fill. You will also need to have a clear concise understanding of each others goals and direction for future growth.

The biggest obstacle in my mind is when you gain the persons skill and expertise you also gain all their personal issues and dysfunction. A partnership my seem like a good idea but in the end if you are not equally yoked you'll find your pulling in opposing directions.
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Old 10-17-2011, 10:41 PM   #25
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Re: Im Thinking About Taking On A Partner


Only if he's silent, rich & doesn't want to see the books.
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Old 10-18-2011, 09:33 AM   #26
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Re: Im Thinking About Taking On A Partner


As a starting point, you should be open to having a partner if they
1) have synergistic strengths that can compliment your weaknesses (and yes we all have them, even if it is a time constraint)
2) have money to put into the business
3) are open to really operating as a partner, and willing to be flexible when there are disagreements
4) agree on how to amicably terminate the relationship if-when things change

I have had partners all my life in four venture over about 25 years, and it is great when you are able to share challenges and successes.

Unfortunately I can not go deeper into this in a public forum so please feel free to privately connect if you do decide to move forward. I am not looking to debate the pros and cons, but rather just emphasize how it worked positively for me.
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Old 10-18-2011, 03:17 PM   #27
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Re: Im Thinking About Taking On A Partner


Don't do it!

I have never seen a partnership thrive. It takes a very very special two people to make it work. It seems to be harder than a marriage! I have never seen a partnership last longer than a few years. This is part of the reason i started my company. My former boss was hinting about taking me on as a partner.


My book keeper has been out of work for the last nearly 2 years. He decided to buy into a restauraunt business whose books he has managed for the last few years. I warned him of all the speed bumps he would come up against, he and I are very good friends now that he has worked for me for the last 6 years. He told me last week "You told me so. " he is thinking of how he can cash out now and sell his shares in the business. It's very stressful for him, if he can break even he'll walk away at the end of the year.
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Old 10-24-2011, 07:38 PM   #28
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Re: Im Thinking About Taking On A Partner


One question that I'd raise is who originated the idea of the partnership?

I tend to be wary of people who want to partner with me because what that really means is that they want to access to my resources (computer, internet, office, etc.) but they don't really have anything worthwhile to offer.

If the other guy suggested this partnership, consider what they guy is offering. For instance if he is willing to let you use all of his tools and equipment in exchange for being able to operate under the umbrella of your license, then that can be a worthwhile partnership.. especially if he has the tools and equipment that you are lacking.

But if you are expected to supply the majority of the equipment in exchange for "membership" in his pyramid scheme, access to his customer database, or anything else that has a perceived value then stay out of it before it becomes a problem.

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