Is business partnership a good idea? - Cleaning Talk - Professional Cleaning and Restoration Forum
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post #1 of Old 01-17-2014, 09:03 PM Thread Starter
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Is business partnership a good idea?

Hello folk ..Yesterday I ask a college buddy of mines to join me in business. I was quite excited about it last night because I know he would be good moral support and can help bring clients to the new business. Plus people would be more willing to hire two young guys in partnership than one guy. However , today im having some doubts. I'm not sure if I want to share my profits so early on in business. What do you guys suggest I do. I know its a decision i have to make on my own but I am willing to listen to others opinion.

Last edited by cleanteambahamas; 01-18-2014 at 08:13 AM.
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post #2 of Old 01-18-2014, 12:22 AM
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I am curious as to why your partner accepted 20%? He shouldn't be asked to host on "Shark Tank" anytime soon!
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post #3 of Old 03-13-2014, 10:06 PM
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That's how my business started, as an idea with a friend...who ended up flaking out on me. IT's all good.
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post #4 of Old 03-14-2014, 11:14 AM
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I would say no, never go in with a partner. Trust in yourself. Speaking from first hand experience but everyone has to learn this sometime....Good luck OP

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post #5 of Old 03-31-2014, 02:40 PM
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If you are in the small business market do not go into a partnership unless you cannot avoid it. To me, partnerships in the beginning can appear to be the answer to many problems, however they are generally problematic, and have ruined many a good friendship.
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post #6 of Old 04-01-2014, 05:42 PM
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"the only ship that won't sail is a partnership" -Dave Ramsey
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post #7 of Old 06-19-2014, 04:11 AM
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I think you should have to say no to partnership. Be a self dependent person.
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post #8 of Old 06-23-2014, 10:09 PM
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Maid To Shine!!! I was thinking the same thing! lol

My best friend and I have had several businesses... some failed, some didn't. We know where to draw the line. We never question the other. I keep blank checks of his in my safe and can do what ever I want at any time. If you aren't that close with your friend then you shouldn't trust him as your business partner.

The trick to a partnership is for it to be fun. If it's something to where you don't depend on it to feed the family then go for it but realize it's just a game. My best friend and I talked just a few minutes ago about funding our one friend in the used car business. Will it work? Maybe and maybe not but either way it keeps us in the 'game' and helps us have fun during the day to see if we lose money or not. lol
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post #9 of Old 08-09-2014, 07:50 AM
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Originally Posted by sprintcar93 View Post
If you aren't that close with your friend then you shouldn't trust him as your business partner.
I agree, you have to be very comfortable and totally transparent in a partnership. He may not be your friend, but if you are comfortable discussing topics openly with him it should not be a problem for you.
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post #10 of Old 08-10-2014, 11:46 AM
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Originally Posted by sprintcar93 View Post
Maid To Shine!!! I was thinking the same thing! lol

My best friend and I have had several businesses... some failed, some didn't. We know where to draw the line. We never question the other. I keep blank checks of his in my safe and can do what ever I want at any time. If you aren't that close with your friend then you shouldn't trust him as your business partner.

The trick to a partnership is for it to be fun. If it's something to where you don't depend on it to feed the family then go for it but realize it's just a game. My best friend and I talked just a few minutes ago about funding our one friend in the used car business. Will it work? Maybe and maybe not but either way it keeps us in the 'game' and helps us have fun during the day to see if we lose money or not. lol
Great advice!
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post #11 of Old 08-13-2014, 02:02 PM
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And.... the used car business was short lived. A lazy car salesman will never make any money. BUT.... it did not affect our friendship at all. The car salesman is also a friend and I see him every Friday & Saturday night at the dirt track.

A partnership can't be your 'base' business for income.

This also brings up a good point. Know when to fold them. If you do get caught up in a partnership don't be afraid to get out! I know a lady that is a partner with a plumber, he owes her a lot of money and she stays in business with him because she is afraid she won't get paid. don't do that.... move on and realize you might never get paid or realize it might cost to get out but it might cost more to get out later.

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post #12 of Old 09-17-2014, 03:50 PM
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My opinion is NO.
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post #13 of Old 10-01-2014, 03:22 PM
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My best friend and I started a cleaning business together in November. We hadn't planned on going into business together but an opportunity arose and she was afraid to do alone. One night my husband suggested to me and ironically the same night so did her husbands. The next morning we shared their thoughts and the rest is history. So far so good, we both work equally as hard, we discussed any concerns we had in the beginning and all is running smoothly. No regrets.... Our business is doing well, no complaints. We are making money and enjoy working with each other!

My suggestion is to figure out all the details ahead of time. Address any concerns you might have. If you are doing equal work then 50/50. Good luck!
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post #14 of Old 11-06-2014, 06:33 AM
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Originally Posted by Maid to Shine View Post
"the only ship that won't sail is a partnership" -Dave Ramsey
True. It's very hard to find a partner that will have the same involvement level as you have, especially if your serious about doing business. IMO, most people are lazy and unworthy, but that's just what I think. Maybe you'll be lucky to find a good partner.

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post #15 of Old 12-28-2014, 10:14 AM
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I've always believed in starting something yourself. You succeed, you enjoy all the glory, you fail, you failed yourself.
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post #16 of Old 12-29-2014, 04:15 PM
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Sorry to say but, I already had a partnership and it only cost me a lot of money, wasted time and no income
That's not generally truth but, you only need to be absolutely positive that the partners are the right persons.
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post #17 of Old 12-30-2014, 04:26 AM
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It depends on what you can gain on the partnership. More man power? More income? More funds? Better equipment? This is a huge move so ask yourself, will it be worth the risk? If you have even the slightest doubts then that's a no go and to be honest, having a friend as a business partner is a very bad idea.
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post #18 of Old 01-25-2015, 09:16 PM
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Small business partnerships sound like a big fat no, no.

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post #19 of Old 01-27-2015, 09:23 AM
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Small business partnerships sound like a big fat no, no.
Well everything has pros and cons. It's a matter of which weighs more. I find it rather difficult to decide w/c has a high probability of success in this case though. There's just not enough information from the OP.
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post #20 of Old 01-27-2015, 10:11 AM
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"College buddy" and "business" should not be in the same sentence.
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