I finally have an opportunity to get in the business as an owner after not being able to after 3 years, for financial reasons, I can now, but the catch is a partner. I have heard many people say that they wouldn't. but, once in a while you do hear of the good stories. Do any of you have good or bad reports about it? Yes it's a family member, but, one that is a good one and trustful. Just curious, it's an opportunity I've always wanted.
Just watch yourself. I personally would not do it again, just from experience. Money is a funny thing, even among family members. Also what is considered working to one person, may not be in the other person's book. You may be busting your @ss, and getting paid the same as the other guy who is not even breaking a sweat.
I kinda see what your saying and in a sense I expect that he'll take care of office things plus help out in the field. And I'm no good at paper work so I hope it won't bother me too much. He's very good with money and finances.
mega ditos
been there done that, glad it did not work out. Think about this. Say you get a job that pays 1000 a month. Ok, you can pay your partner 500 of it or you can pay some employee 8 dollars an hour. It takes alot of hours to get even close to 500 dollars.
Partnerships usually start out okay. But in just a matter of weeks things will go wrong. Now throw in a family member, now there's a recipe for disaster. Try to go out on your own. It might be harder to go solo at first, but it will save you a lot af headaches.
If you get a partner that has the same goals as yourself and is willing to work just like you it will work great. Ours works fine. I would much rather have a good partner than to go through the never ending revolving door of hiring help.
I don't like the sound of it already: He'll probably do the office thing..........he's great with finances.
In other words...........you'll still be doing the hard stuff and sweatin' bullets to earn enough to keep both of you afloat.
There have been many on this forum that have gone into partnerships (might as well be a marriage) and it didn't work out..........I'm one of those people. Had my ex-partner and I thought alike, spent alike, worked alike, ate alike, slept alike........well.............get the picture? I'll put it like this, if you could be marred to this person then you could be partners, if not then re-think this thing. My partner is my wife, she helps me with several aspects of the business and even that has taken time to smooth out.
I would imagine like most people (myself included) that you will try it anyway..........if and when you do please let us know how it works for you. We're not always right and it might be the best thing you ever did!
That is exactly why you keep it simple and 50/50. We both do all aspects of the business as a team. We bid jobs together, pass out doorhangers together, mow every yard together. We have both been solo and are now more efficient together as a team. We just mow as many as we can and split it 50/50, it works fine.
I started out with a buddy of mine...He was a small engine mechanic, so I thought it was a good idea. If something was to break it was fixed.......Come to find out he was very desructive and broke everything and didnt feel like fixing it. He quit in 9 months (THANK GOD)
I am the sole owner now and thats the only way to do it IMO
In one of my businesses I have a partner in the other I am full owner.
Get a partner only if what he does you cannot do yourself.
I don't understand why someone will go into a partnership with someone that does exactly what he does.
If you need money and office management go into partnership with someone that can do that efficiently.
In my Construction business....I am the management part of the equation. I do estimates, payroll, etc.etc....my partner does all the physical work. My job is to keep us working day in and day out. His job is to finish the job in a timely manner and with an eye on quality.
Because I am free from actually working in the field ....I have the time to network and push the company to grow faster than most other companies in our area. Our company is only 6 years old and we bid projects in the million dollar range which is mostly open to well established companies that have been in operation for 20-30 years. Our arrangement has worked well but then again I am a very hard working individual and so is my partner. We don't procrastinate or slack off.
Partnerships can be a great thing but I have heard horror stories too.
Partnerships can work if , like stated earlier, you can essentially be married to the person.
Ive partnered up with my brother in the past and it works out great, because we think alike. We can go into a job, and not say a word to each other as far as the work goes. We already know what each other will be doing next. Unfortunately, my brother hates this line of work.
We also live together, so its no big deal, really.
He is on his own now, actually partnered up with his girlfriend running a book selling business.
I remain on my own, and like it that way.
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