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partnership advice

shop owner. do you guys have partner,how does it work out. have a friend that wants to be partner. been friend
for over ten years, he also works for auto glass shop.
its alway good to have extra help. i told him that he has to put out half of the money that i spent on shop/inventory/supply/bills/and so on. thank's

Re: partnership advice

Always had a partner. If you can trust them I think it's best.

Re: partnership advice

Couple things to keep in mind;

You are getting married, to a partner, get a prenup.

Each of you should seek leagal advice with your own lawyers and accountants. Create a binding contract between the two of you spelling out all the details of your intent.
Keep your personal affairs separate.
How will you dissolve the partnership?
How will you determine what the company is worth?
How will it be funded?
Will you have a non-compete clause? Define it.
Will it be equal 50/50 ownership and decision-making?
Will profits be shared equally?
People change when you go into business with them, is your friendship worth it? Are you willing to lose it.

If your married you know what I mean. As friends you have one kind of relationship. As partners you will have another.

If you have the same common goal, to make money, this will work.

If all this and more are discussed before hand if there is a falling out it will be easier. All of these comments should be adressed.

Had a partner/ friend 14 years and had all this in place, glad I did!!!!!

Re: partnership advice

I think I read somewhere that 75% or 80% of all business partnerships don't work out.

Usually it is because different partners have different expectations, different work ethics (one works hard and the other hardly works), different goals (take the money out of the business vs. reinvest it and grow), etc. etc.

That said, if you follow the advice of the last post and work EVERYTHING out in advance, and determine that you have compatible goals and resources, etc., then go for it. I have seen partnerships work great where each partner brings something unique to the table and they work hard towards a common goal.

Re: partnership advice

thank's for the advice,very helpful. one man shop sometime get too busy install and same time the phone ring. runing back and forth. also walk in customer too.
now i'm not sure i need partnership 50/50. yesterday didn't get home until 9pm. customer want job done the last mint. also open 7days. thinking about getting an installer,that way if doesn't work out i can alway let the worker go. partnership does get job done more quicker,and make more money. i don't no guys. i'm takeing chance with my friendship. man it's hard.
thank you again everybody.

Re: partnership advice

Does your potential partner know you install w/s's for $140.00?

Re: partnership advice

my friend no all my prices. i buy my glass by the pallet. most of my glass is oem. if aft.lot cheaper. most of my goes on stock order..the more you spend the cheaper.. i lifetime warranty all my work. except rust.
use to work for a bodyshop its alot harder. install auto
glass a piece of cake. right now i'm inshop only. lost lots of mobile job. can't be two place at the same time.

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