What is everyones opinion on business partners?

Right now I'm in a partnership. Everything is running awesome, we both put our efforts into what we do and know best. Its good to have 2 people in on it, anymore than that gets a little crazy. But, sometimes people like to work on their own. It really depends on how you feel about other people running the business with you.

I am in a partnership also, but it is divided so that I do more work but I also earn more of a revenue.

Well there is one good comment. All I've heard about partners is they're trouble and sometimes just get in the way.

I think it really depends on how YOU work. Like I said before, some people can't stand to work with other people. They want to take everything into their own hands, and not have to worry about someone goofing up something that could be big in the long run.

My partner and I consult eachother on everything, its a relationship really. You HAVE to trust eachother and be able to work with the person no matter what! lol

Here's my 2 cents.

If you have someone you can work with well, I'd say it's worth it. Just do yourself a favor and get a lawyer to draw the papers up correctly.

I tried to get a partner at first and had 2 flake out on me. I really did want a partner too, that way when one is sick the other is still there, when one is out on vacation the other is still there. When one is stumped and swearing at a server, the other is there to hand em beer.

"I really did want a partner too, that way when one is sick the other is still there, when one is out on vacation the other is still there. When one is stumped and swearing at a server, the other is there to hand em beer."

Perfect!

Hello

I had two negative experiences where i was doing way too much of the work. Ask your self honestly if the person is reliable etc , will they still have interst in 6 months ?

I now work along side many , but i have no formal partner. For me this works better, much easier to deal with if ppl go into non productive mode. I guess its like marriage, it just harder to get out when you have signed the paper.

Neil

I suppose the best partner is the people you know, and those who you could really rely on, in terms of effort, cashflow etc.

Partners are tricky. I am partnered with someone that is very close to me, but at the same time I feel that I do much more work towards the business and he just kicks back and reaps the benefits. We've discussed this many times, but he doesn't see it that way. It can be very frustrating. Some things you'll never be able to instill in the other person (not that you should have to) like drive, motiviation, organization, communication, etc. This was the same problem with a friend of mine and his partner.

I think it was stated best that it is in much way like a marriage. There is always give and take, push and pull, and many times you will be the one giving most of the time. You should expect this, and if you do it can work out.

Originally posted by Dunp
I suppose the best partner is the people you know, and those who you could really rely on, in terms of effort, cashflow etc.

Even those people may suprise you. Show this thread to a perspective partner to high light your concerns :)

Neil

What about spliting the cost of a dedicated server but both of you run different webhosting company's? I'd liked to do that with a person I know...

Tough question. Simple answer: It all depends on who the person is. Finding a good partner is priceless.

I've had one partner and axed him. It was hard cause he was a friend of mine. He's like that person you know who never offers to pay for dinner (or drinks!).

I wanted a partner for investment reasons, but right now I'd rather just go it alone and have the means to do so. I'm already happily married and don't need another one.

I have never and will never recommend a partnership to a client of mine. It is a business entity that has too many potential problems and too often falls apart. Partners don't feel they are doing equal work. Partners have different ideas on how to proceed. And, if it's 50/50 there is no way to resolve issues. If it isn't 50/50, the minority partner really has no power. Furthermore, if the relationship falls apart, the business entity is dissolved, whereas, with a Corporation, LLC or other types of entities, the company can continue.

Any partnership should have an upfront buyout agreement to cover circumstances where the partners decide to part ways.

Last, I have entered into many "working partnerships" over the years, quite successfully. This is where an agreement is created for each project or each client where two are going to work jointly on a project. But, this is not a partnership, just a contractural business relationship to do certain things jointly.

This is really an interesting topic, cause I've been thinking about getting a business partner myself these past few months. It's truly hard to find one that you can trust and rely on during good/bad times. Someone that seemed to be a good partner's later found not having the same vision with me :(

The reason I'm looking for a business partner is for taking some web design projects which surely I can't handle alone. However, even till now I still can't figure out the best way for this kind of partnership to work well for a good long time.

Those of you who have good/bad experiences with your business partners, please share it here :)

twrs:

As I said earlier in the thread I tried getting a partner. It came down to the fact it's hard to find someone you can totally trust, it's amazing how good friends can seem shady so far, hehe.

Really though, if you're just looking for someone to do web design projects, why don't you look into a strategic partnership with another company.

What I ended up doing was creating a few situations like this. I have two people who know servers inside and out, if I can't handle it I know they can. I have an agreement with them already to pay them on an hourly basis as needed.

Primarily I'm a web design and programming guy, so I've already got that end covered, in fact I've started providing some web design for a few different hosts. It's all handled through them, I never even talk to their clients, perhaps you can find someone to do the same for you.

Good luck