Going Partners With Someone In The Same Business

Discussion in 'Business Operations' started by smarino21, Jul 17, 2006.

  1. smarino21

    smarino21 LawnSite Senior Member
    Posts: 345

    What Are You Opinions?

    I Have A Freind Who Is In The Same Busniness As Me, Right Now I Got 2 Guys Working For Me And An Office In My Basement And Park Trailer At A Yard Type Of Set Up. My Freinds The Same Way I Was Wondering What Do You Guys Think Of Going Partners. I Would Say This Because We Could Combine Companys Then Would Have Lower Cost With More Income, Has Anyone Done This Or If So How Would You Do It Say You Handle All The Books And I Will Handle The Field?
     
  2. dvmcmrhp52

    dvmcmrhp52 LawnSite Platinum Member
    from Pa.
    Posts: 4,205

    If you want to stay friends, don't become partners.
     
  3. smarino21

    smarino21 LawnSite Senior Member
    Posts: 345

    Yea I Heard That Before But If You Where To Do This Right It Could Work I Mean As Far As Getting In Eachothers Way And ****, I Do My Part And He Does His Part. Im Sure There Is Alot Of Successful Partnerships Out There,
     
  4. dvmcmrhp52

    dvmcmrhp52 LawnSite Platinum Member
    from Pa.
    Posts: 4,205

    There are some but most get ugly..............
     
  5. QualityLawnCare4u

    QualityLawnCare4u LawnSite Gold Member
    Posts: 3,758

    Going in biz with a friend is a quick way to lose a friend. If it works out you will be one of the rare ones.
     
  6. Fantasy Lawns

    Fantasy Lawns LawnSite Bronze Member
    Posts: 1,913

    I would have never started my business if it was not fore my partner

    We both had same thoughts, work habits & both had something the other needed .... thru the years it came to a point where my partner wanted too do something different ....n I bought him out .... we are still great friends ..... fantasy football, fishing & holiday stuff

    My best advice would be .... what does the other bring too the table which I need or could learn from ... are we equally financial envolved .....are we equally bringing something of value too the business .... ie time on the job, money, putting in the extra time ..... together

    One thing that started too get to me ....near the end (5 years) was .... after the work was done .... alot of little things need attention ....n I always did them .... he needed more family time .... so I gave in ....but I was the one at the shop on Sat ....doing the fixin
     
  7. HOOLIE

    HOOLIE LawnSite Gold Member
    Posts: 3,981

    So you're saying you want to be partners, basically to save some expenses on storage????? I don't think that's a very good reason...
     
  8. Freddy_Kruger

    Freddy_Kruger LawnSite Bronze Member
    Posts: 1,064

    IN a book called E Myth revisited it reccommends being incorporated. Reccommended reading.
     
  9. Fantasy Lawns

    Fantasy Lawns LawnSite Bronze Member
    Posts: 1,913

    Yes .... S corp here ... that's one thing my old partner brought too the table .... his wife is still my CPA .... he talked me into it ...n was one of the top 5 best things I ever did related too my business

    The buy out was just that .... a trade of stock fore cash ...n the name stayed the same ..... assets (and liabilites) phone #, EIN etc
     
  10. smarino21

    smarino21 LawnSite Senior Member
    Posts: 345

    Yea thats all good, i was just thinking it could work out better just to have the head aches split up and concentrate more on things that make money, advertising, marketing, appearance things like that. I am the one who would want to go partners more then him but the thing is i bring this to the table, more equipment, more accounts (and value) then him, more business knowledge, advertising exsperience**. But what would be a good reason for us to go partners, im not sayin for sure where gonna be partners im just saying is there something that i dont have that he could help me with, in turn we both do better?????
     

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