What you think of partnership business?

Partnership business got its pros and cons. I have had quite a few offers on partnership.

What you guys think of partnership business?

 

I have, and still get many as well. Very very few are based on a mutually advantageous deal.

Most are people looking for someone with skills, and want them to do all the work. I've heard them all from investing money, to their 'big ideas'. However, almost all involve me doing 75-99% of the work, and they kick back and collect 50%.

Not even close to a 'partnership'.

 

me personally , ide rather do it on my own. depending on people to do their half is hard.

 

A partnership can be a very good thing, or it can be very destructive.

You need to both be 100% agreed to pursue 1 Goal (The Success of your business).

Once 1 person starts to become lazy, or unmotivated, the work will either shift to the

other partner, or the business will start hurting.

Only go into a partnership if you truly trust the other person, and their aspirations.

 

You have to trust the person you are going into partnership with 100%.

But splitting up 50% of the work means things get done twice as fast, and ideas can be talked about and debated most times!

 

It's extremely difficult if you are friends and see each other every day...differences of opinion, etc

Have found partnerships can work extremely well but only if there are established guidelines and procedures (contract) and everyone knows exactly what their responsibility is

 

Whatever you do, make absolutely sure that you have some sort of contract that clearly outlines each other's responsibilities and revenue sharing. I'd say this is quite critical, especially if a disagreement or mis-understanding develops later.

I've been there, done that. In one partnership I ended up doing all the work (and bringing all the money in) while my partner started slacking off big time. There was no contract - it was all verbal, so I ended up having to file a lawsuit. In a situation like that, it's a he said-she said thing with the judge, but fortunately I was able to provide proof/documentation showing that I did most of the work while my partner did not and I had "common sense" on my side as I was the founder of the business/idea. The judge ordered us into mediation (as is customary in our area before proceeding to trial) and the mediator said I had a strong case and urged my partner to settle. He ended up paying me a portion of what he owed (which was a four figure pittance), but I got what I wanted -- 100% ownership and control of the business which he signed off on.

Long story short: Get a contract done, even if he's your best friend (as in my case!).

If you can't afford a lawyer, just draw one up between yourselves in simple, clear language and have the both of you sign it with witnesses. Better than nothing.

Also, it's my opinion if you're going to go equal, make it at least 51-49 in your favor, especially when you're the originator of the business/idea/concept that way if there is a stalemate on an issue, you have final say.

Ray

 

I prefer to go it solo

 

Of course running business on your own is much better than partnership. But if there's no choice you have to try. What's more sometimes partership is much effective and profitable if campared to your own business...

 

Some wonderful thoughts here I must say. Rep+. Appreciate the help.

 

Personally, I'd never do it. While there could be some advantages, the risk of losing control of the business and having the feeling of working for someone else is too high (for me anyway). People change over time...the person you partner with today may change his/her mind about things down the road.

Tread carefully.

 

First rule of business.

1.Don't have any partners! It creates too many issues over the inevitable conflicts that arise out of differences of opinion.
2.Contract someone to work for you and give them a majority of the profit if need be to start off. The eventual success or failure of your venture will squarely be on your shoulders.
3.You get ultimate control of your "vision" and should it become wildly successful you won't be saying to yourself "Gee, I shoulda paid somebody a few hundo to write the code for me way back when, now I gotta split my profit" Or, conversely, "Gee, my business might not have failed if I had more time to work instead of arguing over every decision!"

 

partners can be good or bad. If you are making 15k from a business try; cloning yourself (find someone that works as good as you for a partner) - you could be making 30k by the next month

 

I run a website, one year+ old, lot of people see great potential in it. I been having offers for partnerships and sponsors on that site since it was few month old! I earn very little out of it; only because I decided not to go money-crazy on that, but it can earn few thousand per month I think.

I must agree to the fact that I would not like to compromise my vision with a partner; thats what was holding me not taking that route.

 

We posted an article a few weeks back on our forum about this topic.. I suggest you read it before making any decisons.. it will give you the pro's and cons of going into partnership!

http://www.aussietycoon.com/showthread.php?t=205

Good luck!

 

Thats a great article, I must say.

 

I'm in a partnership right now and it's working very smoothly. However, that is not always the case and really depends on the partner.

 

It would depend who your business partner will be. It has to be someone good with the things you are not that really good or vice versa, someone you can trusted and more. The article posted above is a good read and says it all..

 

Well, you cant get rid of the partner when things go really good or bad. Thats the worst part of partnership.

 

At the very start you have to decide who is the BOSS. All partners have to do the same amount of work, but only ONE is the boss. Keep this in mind.

Like Phynom Technologies said, sooner or later someone gets lazy, and there's got to be one, and the only one, who has the power to get things in order.

This is what is hurting my business right now.