Many marriages end up kaput, not anywher near as the number of Partnerships though, IMHO, don’t go that route, you will be sorry, especially since you didn’t start as a partnership.
I have had the same business partner for over 13 years. She runs the kitchen I run the dinning room.
She does payroll I do taxes. I do the larger food orders she does the small ones. I don’t tramp on her toes or authority and she doesn’t tramp on mine. We are not friends we are business partners and it has worked well. Oh yes we have had our moments but the first thing we agreed on 13 years ago was to disagree. Of course major decisions are made together we are able to hash just about anything out. If we can’t it gets put on the back burner for a couple of days until we can get back to square one. Yep it is almost unheard of but it can be done.
Don’t do it. It’s like a marriage, but are you aware of how many end in divorce or are just miserable situations? I went into my first business with one of my best friends as my partner. If I would have been guaranteed that I wouldn’t get caught, I would have murdered him within 6 months. I sold out to him for one dollar just to get the heck out. There are some partnerships that work out wonderfully for 30 years or more. They’re so rare that they usually merit an article with pictures in the local paper.
I had a business partner once, and never again.. If he wants the job, hire him as a manager, and offer a decent profit sharing plan. Best of both worlds for the both of you.
One suggestion, besides getting everything in a written agreement, is to find a partner that complements your skills..not duplicates them. If you are good at the "front of the house" so to speak then you want your partner to be good in the "basck of the house" You don’t both want to be good at the same thing and bad at the same things.
Just like a marriage, there are good and bad partnerships. Good luck. Incidently, there was a fantastic movie about two brothers, who owned an Italian restaurant It showed all the stress that went on between them…Sorry, I do not remember the name of the movie. One of the actors was nominated for an Academy Award and it made him a star. If someone can recall the name and mention it here, I’d suggest you rent that movie! It is all too true…..
Along with my concession trailer, I have a brick and mortar Ice Cream/Pizza shop. I have someone interested in buying into the Store and assuming the role of manager (for lack of a better word). I have been trying to do both things for some time now, but it is very all consuming of my energy.
Does anyone here have a partner? If so how does it work out? How would I put a value on what percentage of the business this person wants to buy?
I know thats alot to throw out there, but once again, any feedback is greatly appreciated.
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