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Old 22nd September 2010, 07:35 PM   #1
bringit
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Default Do I Need A Business Partner From The Get Go?

I realize it would be easier, and I'm certainly open to this. But finding the right person will be tricky. I'm a little older now & my few friends are settled into their lives. It's not as though they would just pick up and go... not to mention, it's hard to find others with the same amount of drive.

That being said, I'm just interested to hear thoughts. I began really thinking about it from the following articles...

This is great, it really gave me an understanding of s somewhat real world funding scenario. Feeling good...

http://www.paulgraham.com/startupfunding.html

Then I read this & it deflated me a small bit. Not that it introduced doubt whatsoever, I will do what I need to do but I was a bit surprised at the way it was written. It's alarming if you can't talk your friends into changing their path in life to go off into the shadows with your idea?? What? Then again I wonder if he's talking about younger people in college...

http://www.paulgraham.com/startupmistakes.html

If you do think it absolutely necessary, what are some avenues I can look at. I have some ideas but could use some additional.

Appreciate any advice & thanks in advance-

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Old 2nd October 2010, 01:29 PM   #2
Consignamania
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Hi Bringit!

I just read a great article on how to select the right partner by Nina Kauffman http://succeedasyourownboss.com/09/2...iness-partner/.

The advice I was given was to stay far away from having a partner. Inevitably, you will both never see eye to eye and there are always hard feelings when you have to split your business.

I hire consultants who specialize in areas that I don't do well in. That way, I have the help I need, but I am not endangering my friendships or having to fight about the direction of my business.

Good luck!

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Old 2nd October 2010, 04:20 PM   #3
BeTheBest
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Hi bringit! Welcome!

You didn't really mention why you think you need a partner, or was it just that you thought it would be 'easier' to operate a business with one? That wasn't clear. Also, you don't talk about the investment because one thing that I will tell you for sure... is that money changes people. It changes them in a lot of different ways.

I speak from being both a sole operator and a partner. It was told to me at one time that partnerships were created ONLY to have one sole owner (eventually).

First of all, if it's money that you are looking for help with, there are a lot of different ways of getting money without making the person a partner.

On the other hand, if it's because you really think you need a partner, then the only thing I can tell you is that no matter who you pick (family or otherwise), yes, I said it... FAMILY or OTHERWISE... be sure you have a partnership agreement and that you DO NOT both use the same lawyer.

Partnership agreements are great because they provide a clear and easy way to break the partnership should one person want out. I say they are great because you are talking about those possible 'bad times' while everyone is still talking.

I don't suggest each use their own lawyer because I like lawyers... but only because you don't want YOUR lawyer not discussing some parts of the agreement (or anything like that) where the other person could be compromised. After all, depending on who brings the lawyer, that 'other person' could be you. Just get your own lawyer, ok?!?

The only other advice I can give you is that surer than God made little apples, you will come to a time when you don't see eye to eye with your partner. Whatever you do... no matter who you pick... no matter how much you like or agree with that person... be prepared for the break.

If that other person disagrees with your choice to have the agreement in place now, then don't walk away from that potential partner... run!

Hope this helps!

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Old 5th October 2010, 07:58 PM   #4
AngelBiz
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bringit

Having a partner is a double edge sword. There are cases when a partner can help you achieve that you otherwise would not be able to. having said that a partner does introduce additional level of complexity in running the business and in worst case can jeopardize the entire business. You have to be very careful when selecting a partner and ensure to do the due diligence before going in.

I had written several articles on partnership on my blog that you might be interested in. You can find them below..

Pros and cons of partnership
http://www.angelbusinessadvisors.com...f-partnership/

Reasons to establish partnership
http://www.angelbusinessadvisors.com...h-partnership/

How to make partnership work
http://www.angelbusinessadvisors.com...tnership-work/

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Old 5th October 2010, 11:17 PM   #5
howtofranchiseg
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I think you should not go for partner. So no from my side because there are many advantage of having partner but in long term it won't be good decision.

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Old 6th October 2010, 12:37 AM   #6
Green Tech Guy
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Partners.... Well I used to have a partner and I don't think I would ever venture into a business again with a partner. It is very hard to find someone that is as dedicated to the business as you are and this is where problems begin. A partner is usually a friend or family and afterwards its usually not a good situation. The only reason I could see anyone taking on a partner is for capitol. But with the amount of money being given away to small businesses that need really does not exist. My finance guy just got a small company that was expanding a million dollar sba loan. My guy is exceptional at what he does, which is why I hired him LOL but there are many finance agents out there that can secure financing.

In conclusion, save the headaches and don't partner.

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Old 6th October 2010, 03:12 PM   #7
MonogramGroup
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Hey There!

You absolutely do not NEED a business partner. Many successful business are owned by just one individual. Would it be easier with partner? Of course.

The great thing about a business partner is having another mind to bounce ideas off of. It's also a good to have another person around going through the same new business stress as you!

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