Business Partnerships

[Lulu2]

Can anyone give me any thoughts/advice/experience with a business partnership?

Ive been a Sole Trader before, ran a business from home and it did pretty well. The biggest downer was not being able to get away from it AT ALL. If I wasn't there nothing got done etc, if I wanted a week off unexpectedly I would pay for it 2 months later when the time off 'showed'.

After a really crappy return to 'work' I am again convinced my future is to be my own boss again. I'd really like a partner - the upsides being I could have someone to bounce ideas off, have strengths where I have weaknesses and the reverse, have someone to cover for me and me them etc.
I don't want to run a purely 'from home' business, the things I am interested in involves me getting out and about, the kind of thing I have in mind requires 2 like-minded people.

I know there may be downsides, the reason I am second guessing myself is that my father (and I take his opinions seriously) thinks a partnership is the worst idea ever.

WDYT???

[Rainforest]

honestly, i think it depends on WHO you go into partnership with......

[DoubleDee268]

Hi Lulu,
Good on you for wanting to do your own business!!!
DF and I are in the process of disolving a biz partnership at the moment which ended really badly.....
I guess it depends on the type of business you are interested in - we had a fencing biz and it the biggest problem we had was that our partner had a higher level of living than we did (leased car, renovating house etc) we tend to do everything cash and he doesn't so he needed to withdraw more from the biz than us which made it awkward as what was being drawn out was more than the biz could sustain (we had to draw an equal amoount) he then started to dodgy quotes so he was taking more from the jobs etc and it's ended in a lot of tears.
I personally would never enter into another partnership outside of Dan and I again as long as my ar$e points to the ground....LMAO
but that being said I have friends who are in perfectly harmonious business relationships as they have the same attitude to money, the direction of the business etc and therefore have no dramas ...
I hope this helps somewhat

Good luck with it all

[Lulu2]

Yeah, I think it depends on 'who' too. I'd be looking for another mum with kids and the same core values as myself.
They would also have to match my motivation levels (I have a few people approach me for business advice or opportunities and I can see straight through the fact they want me to do it ALL...).

Hmmmm

[Kitt3n]

First up lulu - awesome for you to make this decision!

DH ahs recently started his own business as a sole trader, and even though that is kicking off, he has decided to go into partnership in another business, doing baiscally the same thing, with soemone he KNOWS.

One MAJOR thing that they are doing is to set the bsiness up as a trust - so that if one of them screws up, the other will still be fine.

They are getting some pretty good legal advice so I would advise for you to do the same thing - if you can find the right person!

GL

[Lulu2]

Kitt3n - this decision comes not from awesomeness but an awareness that I really hate being told what to do

I think I may find it a bit harder to find someone I know, even if it seems to be the best way to go. Out of all the girls (15) in my business there were only 2 that were proactive enough to do what needed to be done and didn't need to be asked. The others were good workers but had to be checked on, worked with, given extra attention etc. Im happy to employ people of needed, but I'd rather have someone that could contribute more iykwim?

[sangie]

I don't think that going into partnership is a bad idea. Especially when you have a young family - it would be great to have somebody to cover for you when your kids are sick or for a holiday etc.

But like you said, could be hard to find the right person.......good luck, what an awesome decision. I'd love to do something like that (hate being bossed around too!) but not sure I'd have what it takes.........good on you!