I Need Advice About Business Partnership

Discussion in 'Starting a Business' started by Bizmaster, Nov 26, 2017.

  1. Bizmaster

    Bizmaster
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    Hello everyone,
    I need some advice about business partnership. I had a great business idea that I wanted to start with a bang so I approached a good friend to see if he would be interested in joining me in this new venture. We talked about the business and he seemed very eager to join me, but during the business planning/setting process, I realized that he is not the ideal business partner for me. The main reason for that is because I am putting most of the work. I wanted to partner up with someone who can get work done and be a solid partner in many aspects of the business. He keeps telling me I need to make money now, but he fails to understand that money is not made easy and not without some hard or smart work.

    I tried to pull out of the partnership, but he assured me that he will put in the work if I told him what I needed from him since I have more experience with online business. I did give him a list of what he could start working on but nothing was really done. We also discussed our start-up investment and agreed that we would put in equal amounts, and so far, I have been putting out most of the money spent, which is not too good for me. I was still patient and working. Then I realized again that I am doing about 95% of the work so I tried to pull the plug again and go at this business venture alone. However, I fell bad since we are really good friends and I tried to stick it out after he started to show me a few things he was researching. In less than a week after that situation, he began to not keeping me posted on his progress like before or barely returning my calls and saying things like I am the one who approached him about the business so I should be the one bending backward to reach him, not the other way around. Now I am at the point of no return and have no time to waste. I need some advice on how to pull the plug on this unfair partnership for good, without losing our almost two decades friendship and without any drama. I know that he had worked in his own businesses before but I have never worked with him to really know his work ethics. Please help! I want to keep things simple, straight to the point and drama-free.

    Thanks in advance!
     
  2. Joseph.Shivell

    Joseph.Shivell
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    You need to take a real hard look at the situation ands decide which is a priority - your business or your friendship. Let's go through your post and see where you started, and where you ended up - and why.
    Your first mistake was approaching a good friend. You wanted someone who "can get work done and be a solid partner". When you realized he wasn't what you were looking for, you should have stopped right there. You could have stressed to him that although he is a good friend, the partnership wasn't working out, and you would rather keep the friendship rather than letting things drag out and lose both. But you didn't.
    You gave him another chance and he blew it. But, you didn't want to dissolve the partnership because of your friendship, so the business suffered.
    Actually, he is the one who has this backward. If he really wanted to be helpful, he would keep you apprised of his progress. If he doesn't, it probably means he hasn't made any, and he's trying to cover it up. After all. it worked so far.
    Unfortunately, it's not going to happen. You let it go on too long. He's not doing his part, so he has to go away. If that means losing your friendship, so be it. Apparently, to him, it wasn't worth that much to begin with. You decided the friendship was more important than the business, and he decided to take advantage of that. He needs to go, now. Hopefully, it's not too late to save the business.
     
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  3. Bizmaster

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    Wow, I did not think about many of the things that you brought to my attention. The fact that I did not stick to my guns early on has made the situation worst. Now I can see that. I appreciate this thorough feedback, which makes things clearer for me. Thank you very much!
     
  4. Brooke Harper

    Brooke Harper
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    This is why I personally recommend people to not do business with a friend as much as possible. With what you shared, the very first time that you felt you made a mistake, you should've pulled the plug because you are not 100% confident with what your friend has to offer and contribute to the business. At this stage, having everything said and done, it's better to just end that partnership. He's taking advantage of you, a real friend doesn't do that, he's no longer a friend the moment he put you in a compromising position. I hope it's not too late to save the business though.
     
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  5. Rais

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    I always hate the idea of partnering with others however if the partner is worth, partnership shouldn't be avoided..
     
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  6. Bizmaster

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    Thank you very much, Brooke! I appreciate your feedback on this.
     
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  7. Bizmaster

    Bizmaster
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    Thank you very much for your feedback!
     
  8. Rais

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    You are most welcome dear!
     
  9. Brooke Harper

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    You are most welcome, Bizmaster! I really wish you all the best. I hope everything goes well for you despite your partnership troubles. I'd love to know how things will end up though. Keep us posted if you won't mind. Just a friendly reminder, always think about your decision 100 times before doing it. That might save you these kinds of issues in the future. Cheers!
     
  10. allcitycleaning

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    I have worked with many people who are in a partnership or were in a partnership. They are the hardest organization structures to make successful. I personally would avoid them. If you really want to go down that path I suggest you get a really good lawyer to draw up a contract and I suggest you take 51% ownership. I have set up a few businesses including my current house cleaning business and I've always shied away from partnerships. Good luck with it.

    Julia
    All City Cleaning
     
  11. Shant Nalbandian

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    Good work you are going to be start. But, remember one thing in your mind that business partnership is very little bit risky. Firstly discus everything about business with your partner, after that you can start go for it.
     
  12. Choice Checks

    Choice Checks
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    Getting a partnership is alot of work and decision making. The other person may make a choice that you dont like and cost money. That is the biggest problem. If you get someone to help. Have any decision making to be done together and share the responsibility together as a team. Work as a team and you'll shall succeed. Make a agreement that if the other person decides to exit, that he/she can do it with out hurting the business. Good Luck.
     
  13. Inspire Minds

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    Creating the perfect partnership takes understanding, significant effort and above all a sincere desire to make it work.

    Whether you are buying or selling a business you need support from people you can trust. That's where Business Partnership's knowledge, professionalism, discretion and trust is invaluable.
     

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