business partners

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  • PonyBoy

    who has one / has been one?

    what was the hardest thing to get used to when joining forces w/someone?

    if the partnership failed... why?

    how'd you split the income?

    was the partner a 'friend/friend'... or a 'work/friend'?

    and finally... did you get it all in writing?

  • tesmith0

    Have two
    Like being married
    Hasn't and don't think it will
    Equally
    Work friend
    In writing

    Put aside a year's expected salary for start up

  • Melanie0

    DEFINITELY get it all in writing. That way you don't end up with unclear expectations or hard feelings if something goes wrong.

    I had a business partner for a number of years (both designers/work friends), and we did everything by the book in terms of setting up the business.

    Income was split 50/50.

    I ended up doing more of the work because he started designing furniture, so we eventually parted ways, but it was all very amicable.

  • Dancer0

    My best mate is who I would like to be a business partner. She is bright, quick and great with people.

    Unfortunately she is my best mate and I value our friendship more than a work relationship.

    If there is anyone out there in the UK who si looking for a business partnership, drop me a mail :)

  • detritus0

    Dancer - if you're really good friends and neither of you are money-grabbing, overly incompetent or overly fastidious/fascist and if your roles don't completely overlap (so are therefore redundant), then I'd say go for it. Problems between friends only really arise when one partner slackens, or the effort/input balance slides, or one suffers from constant 'hyper glycaemic lows' and becomes a complete twat in the afternoon. Sorry, rambled a bit at the end there.

    Suffice to say - if your roles are clearly delineated and you can agree the investment/reward structures in advance, I'd say go for it. When it works well, I can't think of anything better than starting a company with a good friend. If it does go sour, then perhaps the friendship isn't as valued as you thought it was.

    imo, obviously.

    • i'm too stupid to have a partner but if I could have one I'd want someone who could talk money not artcapsize
    • Aye, I know what you mean - but I'm naturally a skinflint, so that's what an accountant and Excel is for :)detritus
    • I have nothing but envy.capsize
    • Forgot to mention she would be a great account handler. She is now operations manager for a big Co. earning in excess on 50k... bitch...Dancer
    • alotDancer
  • non0

    1 - Am one and have one

    2 - Compromising when creating

    3 - No

    4 - Incorporated, so 50/50

    5 - School friend

    6 - No

  • trooper0

    1. was between 1999 and 2007

    2. having to agree by consensus

    3. first one left because he couldnt sell properly. second because only i had the will to grow the business whereas my partner worked when he could be arsed, wouldnt set/stick to deadlines and threw frequent sickies

    4. took a wage and agreed a bonus at year end

    5. people i worked with previously

    6. hell yeah.