Bringing On A Partner

waterlessdetail · 02-02-09, 04:36

Ive got my shop open finally and wanted to know if any of you have a shop and bought on a artner to help run the shop? if so....

How did you arrange the sharing of profits?

Any advice is appreciated..

Danase · 02-02-09, 05:26

Quote:

Originally Posted by waterlessdetail

Ive got my shop open finally and wanted to know if any of you have a shop and bought on a artner to help run the shop? if so....

How did you arrange the sharing of profits?

Any advice is appreciated..

From my experience...bad idea. If you want some help running the shop hire a shop manager but don't make him a partner.

jdoria · 02-02-09, 05:29

You bring on a partner for one of two things:

Money or brains.

jsab9191 · 02-03-09, 03:15

Partners are for dancing .

mshu7 · 02-03-09, 07:46

As Danase pointed out, partnerships are generally a very bad idea. Make the person some sort of manager and pay him accordingly.

Twista616 · 02-03-09, 08:14

Quote:

Originally Posted by jsab9191

Partners are for dancing .

Im quite the good dancer though

!...but im my own partner! 9times out of 10 partners end up splitting and going to court...do as the others stated, shop manger, period.

GLuXuRy · 02-03-09, 12:12

buddy of mine just opened up a shop .. at times he's so busy he needs someone there to help .. but as for most of us .. money is tight right now .. so its best for his income not to hire someone

if you can afford to hire someone .. than do it .. or hire somone young thats willing to learn and help out .. that way they dont expect a huge paycheck

GLuXuRy · 02-03-09, 12:13

or you can just have all your buddies help you out and pay them with beer on the weekends

toyotaguy · 02-03-09, 12:26

or just schedule out further so that you dont have to hire people out...that is what I would do. Instead of hiring someone to help me get through a weeks worth of work, I would just schedule it out over 2 weeks...I am hit or miss with business, so its not like I am losing business by stretching it out because one week I will be slammed and one week only one or two cars...

that is another way to increase your profits and reduce your expenses

mshu7 · 02-03-09, 01:11

Quote:

Originally Posted by toyotaguy

or just schedule out further so that you dont have to hire people out...

that is another way to increase your profits and reduce your expenses

Not really, especially when you are running a full-time shop and have overhead that needs to be paid (like the OP indicated). Adding a person should increase profits, if done correctly. Yes, the expense of that person is added in, but having 2 people instead of one should increase income more than enough to justify the extra help (if the work is available). Spreading a weeks worth of work over a two week period just isn't possible for some. $2,000 of work in two weeks isn't the same as $2,000 in one week. Big difference.

toyotaguy · 02-03-09, 01:19

right, which is why i clarified stating that I am not super busy ALL the time. And by shop, it could be a little 800sqft location where he takes all his cars instead of being mobile, not a constant place where cars are going in and out day in and day out...

i was just looking at it from the other side of the fence. Like I said, some weeks I am overloaded and have to have an extra set of hands, and other weeks I need more cars!

mshu7 · 02-03-09, 01:21

I understand, but I'm looking at it from the OP's perspective because after all, he's the one asking for advice. There's a lot more overhead to be considered when running a full-time shop so there's more incentive/obligation to have steady work.