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Thread: Partnerships??

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  • #22
    Member Senior Undergraduate Luis Orts's Avatar
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    But one of the things I've learned over time is to network and to do a lot of reading as opposed to bringing on somebody with expertise!

    But like you mentioned... if you bring on a partner, he/she will have the skills you need to progress your business (or you could do it over time)

  • #23
    Member 2500 PLUS POSTER Guy Blackmon's Avatar
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    Quote Originally Posted by DunRite View Post
    Ive been approached in the past and recently about partnering up with someone

    Though they seem like good business minded guys im squeamish about joining forces with anyone

    Heck, im divorced and maybe that has something to do with it idk- i just like to do things my way and don't think i can fully trust somebody

    I want to be in full control of my own destiny

    The more i read and hear about business partnerships the more im convinced they fail far more than succeed

    Any thoughts??
    Although I've also read the horror stories of partnerships, I also know there are the ones that have worked........The biggest question for me, if I was approached would be......What's In It For Me? How will it benefit "Me"? Why are you Approaching "Me"?

    #1....I would have someone research his personal & business history/background.

    #2...I would ask to see the books....all the books.....and by that I mean my CPA.

    #3...I would ask him how he sees the benefit of this partnership.

    #4...I would want to know boundaries, borders, & Command Structure.......Who wears which hats?

    #5...What's the deal if one sits on his butt more while the other busts his butt the most?

    #6...If everything looks good, and everyone is in agreement, and knows the deal.......Iron Clad, Legal, Binding, No BS, Written In Blood Contract.

    #7... I would also let him know that if he ever tried to screw me I would hunt him down, tear his head off, drink his blood, and send his soul straight to Hell....But That's Just Me.

    As Always......Just Saying......

  • #24
    Member 7000 PLUS POSTER Scott Stone's Avatar
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    I don't like partners. I am partners with my wife, and I don't even like that, even though she brings significant skills to the table. No matter what happens, one of the partners is not going to perform as expected, and the other is going to overstep his responsibilities.
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  • #25
    Member Junior Undergraduate johnnyb's Avatar
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    Quote Originally Posted by Scott Stone View Post
    I don't like partners. I am partners with my wife, and I don't even like that, even though she brings significant skills to the table. No matter what happens, one of the partners is not going to perform as expected, and the other is going to overstep his responsibilities.
    Well worded, and funny.
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  • #26
    Member Senior Undergraduate WASH-IT H.B.'s Avatar
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    Quote Originally Posted by DunRite View Post
    Ive been approached in the past and recently about partnering up with someone

    Though they seem like good business minded guys im squeamish about joining forces with anyone

    Heck, im divorced and maybe that has something to do with it idk- i just like to do things my way and don't think i can fully trust somebody

    I want to be in full control of my own destiny

    The more i read and hear about business partnerships the more im convinced they fail far more than succeed

    Any thoughts??
    AVOID AT ALL COST!! You have been married and what happened there??

  • #27
    Member Senior Undergraduate WASH-IT H.B.'s Avatar
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    Quote Originally Posted by Luis Orts View Post
    Partnerships are just like marriage. In order for them to truly thrive, you must be open in communication at all times. There's a certain level of trust you have to have. What I've learned about partnerships though, like anything, they have pro's and con's.

    One thing it allows me to do is focus simply on my strengths.

    For example... my strength is Lead Generation and Sales. I SUCK at finances. Don't ask me anything about taxes. Don't ask me anything about depreciation. Don't ask me anything about using Quickbooks. No way.

    I don't care to learn it on a deeper level than simply reading the PNL Statements. However, my partner is VERY WELL VERSED in that sense. And we so happen to play off of our weaknesses.

    Partnerships can be great, but there are a lot of legalities involved and if you don't play your cards right... you get the wrong end of the stick.
    You need to be careful my friend. Ignorance may be bliss but when it comes to financial matters you need to be taking a very close interest. I have been in two partnerships. One in business and one by way of marriage and have been screwed by both and you know why...... because I trusted my partners with the financial aspects of the business and the marriage. The business screwing took place over 8 years and the marriage screwing took place over 32 years. The only person I trust with my financial affairs now is myself. If I sound cynical it's because I am.

  • #28
    Member Honorary Professor DunRite's Avatar
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    Quote Originally Posted by WASH-IT H.B. View Post
    AVOID AT ALL COST!! You have been married and what happened there??
    I follow my gut on most things.....my gut says no

  • #29
    Member Professor with Tenure Vince Wood's Avatar
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    I would say no to a partnership as well even though I've had guys offer to buy into my company before. For the simple fact that I don't like change. I've been using the same invoicing program with updated versions of course for almost 10 years. When I do get my truck in a few months it will be an exact replica, replica bed and equipment mounted exactly the way it is.

  • #30
    Member Senior Undergraduate Luis Orts's Avatar
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    Quote Originally Posted by WASH-IT H.B. View Post
    You need to be careful my friend. Ignorance may be bliss but when it comes to financial matters you need to be taking a very close interest. I have been in two partnerships. One in business and one by way of marriage and have been screwed by both and you know why...... because I trusted my partners with the financial aspects of the business and the marriage. The business screwing took place over 8 years and the marriage screwing took place over 32 years. The only person I trust with my financial affairs now is myself. If I sound cynical it's because I am.
    I trust my partner with my life. Maybe I am crazy... Maybe I'm not...

    But ultimately, everything is in writing... And we both control pivotal points in the business... If I stop doing what I'm doing, the business tanks. If he stops doing what he does, the business tanks. It creates a sort of accountability for the both of us.

  • #31
    Member Graduate Student socalkol's Avatar
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    Quote Originally Posted by Luis Orts View Post
    I trust my partner with my life. Maybe I am crazy... Maybe I'm not...

    But ultimately, everything is in writing... And we both control pivotal points in the business... If I stop doing what I'm doing, the business tanks. If he stops doing what he does, the business tanks. It creates a sort of accountability for the both of us.

    Sounds like single points of failure... Those are dangerous.

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  • #33
    Member Senior Undergraduate Luis Orts's Avatar
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    But it's also the first year of business for us. By this time next year, it's a whole different ball game.

  • #34
    Member Senior Undergraduate WASH-IT H.B.'s Avatar
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    Quote Originally Posted by Luis Orts View Post
    But it's also the first year of business for us. By this time next year, it's a whole different ball game.
    You guys are still on your honeymoon that's why you love where you are at. Been there done that as they say.

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