Partnerships??

[DunRite]

Ive been approached in the past and recently about partnering up with someone

Though they seem like good business minded guys im squeamish about joining forces with anyone

Heck, im divorced and maybe that has something to do with it idk- i just like to do things my way and don't think i can fully trust somebody

I want to be in full control of my own destiny

The more i read and hear about business partnerships the more im convinced they fail far more than succeed

Any thoughts??

 

[Luis Orts]

Partnerships are just like marriage. In order for them to truly thrive, you must be open in communication at all times. There's a certain level of trust you have to have. What I've learned about partnerships though, like anything, they have pro's and con's.

One thing it allows me to do is focus simply on my strengths.

For example... my strength is Lead Generation and Sales. I SUCK at finances. Don't ask me anything about taxes. Don't ask me anything about depreciation. Don't ask me anything about using Quickbooks. No way.

I don't care to learn it on a deeper level than simply reading the PNL Statements. However, my partner is VERY WELL VERSED in that sense. And we so happen to play off of our weaknesses.

Partnerships can be great, but there are a lot of legalities involved and if you don't play your cards right... you get the wrong end of the stick.

 

[Doug Rucker]

Ive been approached in the past and recently about partnering up with someone

Though they seem like good business minded guys im squeamish about joining forces with anyone

Heck, im divorced and maybe that has something to do with it idk- i just like to do things my way and don't think i can fully trust somebody

I want to be in full control of my own destiny

The more i read and hear about business partnerships the more im convinced they fail far more than succeed

Any thoughts??

DON'T.....

 

[bighals]

Bad news bears a lot of the time. If it's not broken don't fix it...


Sent from my iPhone using Tapatalk

 

[Andy C]

My only advice is don't even consider it unless you split the equity 50-50. But you might want to ask yourself why you need a partner if you can do the job by yourself.

 

[Dave B]

Is there a reason why you are considering it?

 

[DunRite]

Is there a reason why you are considering it?

Not considering it all -was intrigued and just curious to see who does it and how it works for them

Someone once told me never take a partner unless you need his money

I bet there are not many partnerships that last more than 4 years- could be wrong -bet its less than 10%

 

[DunRite]

DON'T.....

will not be doing that

 

[Luis Orts]

I would take a partner for expertise (given he needed a financial backing)

But I'll tell you... it isn't easy.

 

["Red"]

I'm with you Mike. Let's partner up and campaign against partnering up. LOL

 

[nibbsy]

I will not pretend that a partnership is a simple thing to maintain but I have worked within some very successful partnerships in the past. It helps if each partner brings different expertise to the table and works within there oun area.
Example, one runs the office and looks after compliance and whatever, while the other partner runs the crews and gets the job done.

 

[DunRite]

Again- id venture to guess on this forum there are very few partnerships with 3+ years here

I just cant get past not being in total control of all business decisions

I had a pretty good offer to join forces with a guy who does a lot of large commercial contracting specifically painting & pressure washing

50/50- right down the middle on everything- His numbers are very similar to mine

There were things that he couldve showed me and vice versa which in theory (again theory) wouldve grown our business

Just Couldnt pull the trigger- It all sounds good but to me its like a girl- its all good in the beginning

Gotta thank my man Ted also for being a great sounding board

 

[Rapid HotClean]

Again- id venture to guess on this forum there are very few partnerships with 3+ years here

I just cant get past not being in total control of all business decisions

I had a pretty good offer to join forces with a guy who does a lot of large commercial contracting specifically painting & pressure washing

50/50- right down the middle on everything- His numbers are very similar to mine

There were things that he couldve showed me and vice versa which in theory (again theory) wouldve grown our business

Just Couldnt pull the trigger- It all sounds good but to me its like a girl- its all good in the beginning

Gotta thank my man Ted also for being a great sounding board

Ok, I'll sound off. Don't let your GF see that post!

 

[DunRite]

Ok, I'll sound off. Don't let your GF see that post!

LOL!!

 

[AZ PowerWash Pros]

I started my company on my own and joined up with a business partner in 2010. It is definitely like a marriage. Ive had ups and downs with my partner. But at the end of the day it has worked for me. I would say its not for everyone and be VERY careful who you partner up with because its always good until it goes bad! haha

But sometimes 2 minds is much better than 1. I also can go on vacation for weeks at a time and not worry about anything because I know my partner has it under control. So long story short their are advantages and disadvantages. But what you have to decide is whether the advantages out weigh the disadvantages or not.

It also comes down a lot to perspective. If you have any doubts in your mind then I would say DONT do it. Lastly, if you do decide to partner up the MOST important thing you can do is hire a lawyer and get an iron clad solid operating agreement.

 

[Luis Orts]

Here's how I see it, and I'll give you different scenarios!

Me being a young buck with no money and one skill set, I wanted to get into business at the age of 17 (which I did). I was marketing clubs here in Houston and in return I would get a percentage of the bar. How I got into it? I could have easily been an employee to the bar/club owners here... but I positioned myself to where I got equity in his business.

Now, vice versa... Instead of bringing on a bunch of partners, I could simply hire people to do what a potential "partner" brings to the table. The only time I'd ever bring on a partner (in another business) is for financial reasons, but I would still have majority of the equity in the business.

 

[AZ PowerWash Pros]

Here's how I see it, and I'll give you different scenarios!

Me being a young buck with no money and one skill set, I wanted to get into business at the age of 17 (which I did). I was marketing clubs here in Houston and in return I would get a percentage of the bar. How I got into it? I could have easily been an employee to the bar/club owners here... but I positioned myself to where I got equity in his business.

Now, vice versa... Instead of bringing on a bunch of partners, I could simply hire people to do what a potential "partner" brings to the table. The only time I'd ever bring on a partner (in another business) is for financial reasons, but I would still have majority of the equity in the business.

Luis, you are right to an extent. But you wouldn't want to become business partners with anyone that you can hire someone to replace. Point being, if you feel that you could hire someone to do the job of your business partner then you should NEVER make that person your business partner. When you find a mind that is not replaceable by an employee than that person should become your partner. Typically, those types of minds will not be hired because they have an owners mentality as well. And sometimes its better to join with them than compete against them.

Im not suggesting that everyone should have a business partner by any means. But simply stating that 2 powerful minds can be better than 1 in my opinion and can expedite your growth. There is only so much time in each day to do business. But with 2 owners you can get twice as much done in that day. I definitely would not have grown as fast without my business partner. But I do feel I would have still ended up as successful, just would have taken a little longer. Think about how hard you work for your business. NO ONE works harder than the owner because he cares the most. So if you have 2 owners and both of them are committed and work equally hard. Hypothetically, your company should grow twice as fast.

I believe that my partner is not replaceable with an employee and I am quite certain he feels the exact same way about me.

 

[Luis Orts]

Ty, I agree with your statement only because as an owner... you have more at stake.

And typically, as owner... You're going to take a slightly different approach.

 

[Luis Orts]

You're a smart cat, don't listen to me. Lol

 

[AZ PowerWash Pros]

You're a smart cat, don't listen to me. Lol

No hard feelings or distaste. I think you are right about many things you said. Like I said, its not for everybody. Just giving my 2 cents based on my experience. There is always another perspective.