Partnership...?

Discussion in 'Business Operations' started by Turf Technologies, Oct 9, 2002.

  1. Turf Technologies

    Turf Technologies LawnSite Senior Member
    from Florida
    Posts: 590

    Ive read your taughts on this matter , and I see your point.

    Wondering what things need to be taken care of when starting a partnership? Any legal matters? How about financial matters? A run down of ideas will help.thks.
     
  2. rkbrown

    rkbrown LawnSite Senior Member
    Posts: 533

    If you are bound and determined to have a partnership, I would consult with an attorney to have all the proper paperwork drawn up. They may also be able to give you some advice on successful partnerships. A few extra bucks spent now may alleviate major problems down the road. Just my $.02
     
  3. Floridalandcare

    Floridalandcare LawnSite Senior Member
    from Tampa
    Posts: 314

    I have been teher and let me tell you it was the WORST decesion I have ever made .While I worked my *** off my partner wanted to go to school and golf all day .IMHO steer clear of this unless you have an attorney to deal with the BS. P.S it was the worst 4 years of my life .
     
  4. MATTHEW

    MATTHEW LawnSite Senior Member
    from NE OHIO
    Posts: 665

    If you feel compelled to do it, make sure it is 100% business.

    NEVER mix a friend with business!

    Never.;)
     
  5. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    If you can do it alone and survive, then "86" the partner idea.

    In the long run, it's more money in your pocket...not someone elses!
     
  6. bubble boy

    bubble boy LawnSite Bronze Member
    Posts: 1,020

    shotgun clause: either partner can make an offer to the other for the biz.

    say you offer your partner $100 000. he then has the option to accept this $100 000, or he may BUY your half from you for the same amount of $100 000.

    ensures no haggling, and a fair deal upon separation.
     
  7. IBGreen

    IBGreen LawnSite Senior Member
    Posts: 726

    I also say if you can work around having a partner do! Trust me, no two people think the exact same so everyone is going to have disagreements and different ways of doing things then someone is going to be pizzed off and try to work you over. Go solo. But if you decide not to contact a lawyer for sure.

    Brandon Shaw
    Evergreen Landscaping Concepts
     
  8. IBGreen

    IBGreen LawnSite Senior Member
    Posts: 726

    Sorry, I meant to say if you decide not to go solo, then contact a lawyer for sure
     
  9. MPhillips

    MPhillips LawnSite Member
    from zone 7
    Posts: 94

    I know partnerships work because I see successful ones out there...Home Depot, Sears and Roebuck...well, actually that's all I can think of...Actually most guys I know started out as partnerships and then for one reason or another are no lonmger in that situation. Of course if you do it, you need to pay the $200/hour and sit down together and lay it out in writing, with "buy-out" clauses, "failure to perform" clauses, distribution of profit, and all that...but really more importantly the two of yopu need to have complementary skills and abilities, and share the same goal for the company...It usually works best if your strengths are your partner's weeknesses, and the other way around. If you don't share the same goal your importnat decisions will always be in conflict. Good luck
     
  10. bubble boy

    bubble boy LawnSite Bronze Member
    Posts: 1,020

    that's pretty much my situation, what i suck at or don't want to do the biz partner is good at, or enjoys.

    we will have conflicts, but don't really debate or argue. he often will make a decision without informing me, and i trust him. and vice versa . if i didn't trust his judgement i wouldn't have gone into biz with him. even if i disagree with his decision, i know he did what he did cause he thought it was the best.

    we both figure its good to try things differently in biz once, and if its a mistake, so be it.

    we don't make each decision a mutual one. just the major ones. makes day to day tasks fewer thus easier, and for us reduces workload of each.

    but remember we do split $.

    i admit, this wouldn't work for most.

    i also have known the guy since high school, so we seem to break all the self employment rules. we know the risks.

    if either of us walked away, the friendship would likely be fine. we aren't the type to hold grudges.

    but one must know anything can happen, tommorow we could disagree, and never speak again. it COULD happen, for us though highly unlikely
     

Share This Page