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I do residential remodel and repair and for the most part I work alone.
A customer referred me to someone needing a whole house remodel. Due to the scope of things I knew I would need help and invited a racquetball buddy to go in on the job with me. He has a small but successful construction company. My question is how to structure the deal? I am looking for suggestions as to splitting the profits and not pay taxes twice and what is a fair split. His company workers and some subs will do the work, so he will be behind the scheduling and keeping everyone on task. I will help out where I can, but I envision this as a learning experience, so that I can run the next big one myself using my own subs. It is a $90k project, three times any I have ever done before myself.
We know we have to come to an agreement and I expect to hear from the customer today or tomorrow as to getting the go ahead or not. I would be interested in hearing of any similar experiences you have had. How it was structured and what you would do different now.
Rich
A customer referred me to someone needing a whole house remodel. Due to the scope of things I knew I would need help and invited a racquetball buddy to go in on the job with me. He has a small but successful construction company. My question is how to structure the deal? I am looking for suggestions as to splitting the profits and not pay taxes twice and what is a fair split. His company workers and some subs will do the work, so he will be behind the scheduling and keeping everyone on task. I will help out where I can, but I envision this as a learning experience, so that I can run the next big one myself using my own subs. It is a $90k project, three times any I have ever done before myself.
We know we have to come to an agreement and I expect to hear from the customer today or tomorrow as to getting the go ahead or not. I would be interested in hearing of any similar experiences you have had. How it was structured and what you would do different now.
Rich