Opinion`s On Going Into Buisiness With Partners

[Jmiller07]

Well, recently I decided to start detailing for the summer and I have a friend who would like to be my partner. I have detailed cars with him in the past , but nothing too serious and he understands that I know much more about detailing then he does and is surprised how anal I can be about certain things that would seem normal to any of you autopians. There are going to be a lot of things I will have to teach him but he has no problem learning and I was wondering how you guys felt about going into it with a partner. Do any of you have partners? How do you split work/time/money? Thanks guys.

[optimusp517]

I`m running a partnership with my own shop and everything is pretty much split down the middle in sense. I`m still running a FT job at the bank, but on the side whenever I get a chance I`ll do details with him and we split those in half, but if he does details on his own it`s his profit from there. When we get big enough we`ll start hiring employees to work for us and we`ll split the profit margin halfway after all overhead cost is taken cared of...

[jsab9191]

Partners are for dancings. That`s just my opinion, and a rule in business I`ve choosen to live by.

[Bigtony]

make sure all your terms are in writing and reviewed by both parties, and even this does not guarantee an issue free venture, be careful especially since your the anchor in this partnership.

[jimmybuffit]

Partners are for dancings. That`s just my opinion, and a rule in business I`ve choosen to live by.



Really can`t add much to that.



You have the skill. So it can`t be considered equal. If you need a helper, find a reasonable hourly rate and pay him that...



"He who has the gold, makes the rules.



JB

[imported_WCD]

I was considering the same thing for a new detail shop, but was told by someone I respect highly in the industry that in all of his years in the business, around 30, that he has only had a successful venture ONCE with a partner.



If it is in writing and the jobs identified, then in theory it should work. You both have to agree upfront and understand that even though you may disagree with marketing, ads, pricing, you have to respect the person that was given the task. Otherwise, it may turn ugly and none will prosper.



I suggest you work out every job and make a flow cart or graphic organizer. Than sit down with him and go through each job. The best person for the job should be assigned that roll, but make it all equal in the end.



Read: The E-Myth Revisited



Rob

[Jmiller07]

It isn`t that serious, im only 16 so it won`t necessarily be a BUSINESS. We are just going to be working together and splitting profits 50.50... I am looking to get some tools though and i`m not so sure he wants to pay money with me to get them like the PC and maybe a carpet extractor any ideas?

[imported_mirrorfinishman]

It isn`t that serious, im only 16 so it won`t necessarily be a BUSINESS. We are just going to be working together and splitting profits 50.50...





Jmiller07,



Are you sure any of what you are saying makes any sense to you?



First you ask for `opinion`s on going into business with partners` and then you say `it won`t necessarily be a BUSINESS`. And then you turn around and say you will be `working together and splitting the profits`. Maybe you should take a few steps back and take a closer look your statements.

[imported_DieselMDX]

Funny this is a post on here I am thinking of doing the same thing, but he will be using my products and the cut will not be 50/50. If he is using my knowledge and my products i get more money.

[Jmiller07]

Funny this is a post on here I am thinking of doing the same thing, but he will be using my products and the cut will not be 50/50. If he is using my knowledge and my products i get more money.



I agree with that, most of the products being used are mine considering he is buying all the wrong products or at least products I don`t want to use. Sorry about the misuse of words. It is really more of a small thing we are going to do, so I wouldn`t necessarily call it a "business" because I feel like I was throwing the word around too freely.

[imported_DieselMDX]

I hear ya Miller just make sure your looking out for yourself, life is much easier doing a car with 2 people but the bottom line is profits.

[kpagel]

You have the products, the skill, and you`re the one that will fork out the money for the equipment... that isn`t a `partnership` in any sense of the word. As someone else said, if you need some help, hire him out at an hourly rate, but if you get into agreements where you`re splitting profits 50/50 then you`ll just hurt yourself.

[01SVTvert]

Guy wont invest, he is an employee worth an hourly rate, nothing more. Figure out what you make an hour and he gets less than half this. you =30 him =15 thats AFTER deducting expenses.



Worst thing you can do is get into anything about money with a friend IMO