Hi CC-ers,
I looked up and read previous posts on "Partnerships" and felt mighty discouraged, but I thought I'd layout my situation anyway. (It's always helpful to gain other perspectives.)
My friend and I both decorate cakes. Her specialty is fondant and she has done some really AWESOME cakes. My preferred medium is icing. When we talked cakes, we mused that our skills and specialties were so complimentary that together we could really have a business!
We have collaborated on a couple cake projects and have found that besides having fun, we have challenged each other to go further creatively than we would have on our own.
She's been talking more and more about going into business although we've only been paid maybe once or twice. Do you think it's possible to be able to have a partnership with a friend?
Absolutely possible! When you are talking about business, temporarily put friendship aside to draw up the business plan. Have a clear, firm, WRITTEN agreement about your share in the business and who is responsible for what, including finances and workload. If both people are on the same page and you are mutually agreeable to assuming the same risk, then go ahead!
HOld both of your hands out to the side, palm up. Raise the left up one up and down and say out loud: "Business". Stop moving your hand.
Move the right one up and down and say out loud: "Personal"
Now go back and forth ... "Business....Personal.....Business....Personal"
The hard part is learning to separate the two. Once you master that, all things are possible.
I was in a partnership with a friend a few years back. It worked out quick well. We did just as the others have said. We drew up a partnership agreement outlining each others primary responsibilities, risks, what we would do in the event of illness, accident, or death of a partner, and how we would handle the ending of the partnership. We were able to keep business from affecting our friendship. Even tho we did have a few disagreements, we were able to work them out.
Just remember to put it all in writing.
Susan
I am one of those with bad partner experiences, but I do think partnerships can work with the right person, I have a couple of friends who own a restauraunt together, but they build slowly working together at the same place, small scale catering, more catering reatauraunt, now better location restauraunt and they complement each other. So it can be done just very carefully
I also had a partnership that wasn't exactly pleasant. Am out of it now, thank goodness! Like the others said, make sure you get everything down in writing, etc. Make sure you can separate personal from business. Also, make sure you have it clear what you'll do if one person wants out. My partner just couldn't hack it - wasn't ready for the hard work, but loved having half the money. She moved on, & I run it alone - Love it!
.....Also, make sure you have it clear what you'll do if one person wants out. .....
And if they DO want out, will you have the money to buy them out? Someimes one person saying "I'm done" is enough to shut down the business if the other can't buy them out. Or if they decide to sell their "half", do you have any say in who they sell it to? What if they sell it to some moron who has no idea how to run a business and you can't get along with them and they think running a business just means they can do anything they what and they've never HEARD of the "work" part of it?
Quote by @%username% on %date%
%body%