Business Partnerships yes or no?
 

What do you think of business partnerships, the pros, the cons..

basicly the good ,the bad and the ugly in your opinion (and if possible experience).

:thumbsup

they are just like marriages. some are good, some are bad, and some are downright deadly.

might want to know your partner well before going into business. kind of like dating before marriage.

Well yes, thats a given...teaming up with somebody you don't know nothing about in a partnership is downrigth stupid...

Tho if you know that person too well or are close to him/her it can also raise many other problems...

double-edge sword:2 cents:

Just make sure what the other person is bringing to the partnership is equal to what you are putting in.

Somethings its hard to evaluate since many partnerships consist in one part bringing the know-how and the other the bling bling ;)

never worked for me

care to elaborate? :2 cents:

I've never had a partnership that's worked out. In general, I'd only consider it if its absolutely necessary.
WG

I have another thread in mind that will fit like a glove to somebody like you :winkwink:

Partnerships will work out as long as you can share the workload and know how to share the profits according to that. If not, they are fatal.

Only other thread I saw was your ICQ one?
WG

I said in mind, as in "not done yet" :winkwink:

Well remember any equal partnership means splits of profits, that 3 million dollar profit a year is not looking so good when it has to be split 3 ways.

Partnerships never work for me either...

hehehe well when u put it that way ... 3 way split with 3mill still looks
good , a smaller amount for an example would be less appealing :upsidedow

As long as everything is written out in terms of who does what, when and how often you shouldnt have a problem.

That being said, we've had 50-50 luck with biz deals in the last 5 years, thankfully the 50% of them that worked, really worked well but, just like anything else, make sure you do your homework before commiting to anything solid contractually :)

Regards,

Lee

It's usually a bad idea, no matter how fair you setup the terms of the partnership, 9 out of 10 times the other person will feel he deserves a bigger piece of the pie...

From my experience....
If you are a rock-solid honest person, and you *know* that the other party is as honest as you are - then go for it, being aware that there can always be unforseen events that make things very difficult, but that the other party will do their best to make things work despite that.
If you don't know the other side well enough to *know* that they are completely honest - or if you're looking for an "advantage" in the relationship, then, as Alton Brown says, "walk away. Just walk away."

very well said

In most cases i'd say partnership is a bad idea. But in the cases that it's a good idea, it's usually a really good idea. Me and my partner Mason work great together and have both contributed an equal part to the rapid growth www.TrafficGigolos.com is seeing.

With the right person a partnership can be good.

I should of said 1 million split three ways

If you can't see a partnership as a potential win-win situation, then it shouldn't be considered to begin with. Most of the time partnerships occur when both (all) parties see the potential of bringing things to a new level, with the help of each other's resources. Say one person is sitting on a lot of knowledge, but quite little time and not enough capital. Then the other brings in some human capital, as well as the finances. You sit down together and see a synergy effect emerging out of working together, since the first person may not necessarily have the time/money to grow to a new level organically, whereas the second may not possess enough knowledge and experience.

Most partnerships does not work out, but if it works out and several partners working together on a common project normally inspires creativity and makes people work harder...

It's also good if partners has different personalities. Two alpha males will NEVER make a good partnership, where a diplomatic, easygoing person will work perfectly with a more leader type person...


As several other people wrote, get to know your future partner before going to bed with them :winkwink: