Partnership with a Stranger or a Friend

1. 60

   Catering101posted 13 years ago

   Hi! I have been contemplating on getting a partner for my small home catering business since I'm planning to expand it to a medium sized one. Would it be more practical to have a partner whom I have a close relationship with or rather choose someone who I don't know much but I know to be more experienced in business? Please help me decide. Thanks!

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      thooghunposted 13 years agoin reply to this

      The latter. TRUST me on this. Yea.

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   2. 0

      Brandon Stuckiposted 13 years agoin reply to this

      I would go with the second one. It can get sticky with people you know! Plus you  said the second person has experience, it is always better to work with someone who knows what they are doing!

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   3. 60

      Stimpposted 13 years agoin reply to this

      Never with friends that you want to keep as friends.  Go with someone you know has good business experience.  If "stuff" hits the fan and you have to part, it can be clean and "just part of business".  Having a pal being a business partner...just  like lending money to a pal....is never a good idea.  Keep it clean so stuff doesn't get personal.

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      cheaptrickposted 13 years agoin reply to this

      I have an excellent attorney who advised me that who your partner is comes second to who owns 51% of the business.If you are thinking of taking on a partner,remember you started the business and hang onto that 51%.Other wise,you will be arguing about issues that neither of you has the power to resolve.Partnerships are the"Bread and butter" of some lawyers because very few succeed.

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      britneydavidsonposted 13 years agoin reply to this

      It is good to do partnership with friend  rather than stranger because we cant trust stanger may be he ruin business and run away but friend cant do.

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      Akanksha Lalposted 13 years agoin reply to this

      Friendship and Business should never be mixed.
      I have personal experience..it always gets messy with friends at some time or another..
      Trust me..Go for the latter. Period.

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2. 59

   SomewayOuttaHereposted 13 years ago

   I'd partner with the stranger with experience...it's all about business....(not as simple as that however, you need to discuss how the business will run etc. with the potential partner and once all aspects are defined - make it legal)

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3. 85

   KCC Big Countryposted 13 years ago

   I agree with the others.  Go with the experienced stranger.

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4. 84

   wychicposted 13 years ago

   Unless you really, really trust the person you know, AND that person is experienced in your business, AND you would have the ability to tell that person to take a hike if need be, then someone you know could work. For the most part, someone you don't know tends to work the best simply because you can look at it as a strictly business relationship, and anything that happens in that relationship is geared toward what's good for the business. With someone you know, you risk a friendship if it turns out they're not what's in the best interest of the business. Now, it can work sometimes...my husband had a catering business with his brother for quite some time...but those cases seem to be a minority.

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5. 61

   Sunny_Sposted 13 years ago

   Business first, relationships after.
   I never mix my business and work with my current relationship and ive been going strong for 6 months.
   Experienced stranger is the obvious choice here.

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6. 79

   mega1posted 13 years ago

   whatever you do - friend or stranger - put EVERYTHING in writing - get a business law expert to help you draw up a partnership contract where every single thing you can think of is considered and agreed to - so later you will both know what you are doing.  You can also add to the agreement later.  Keep TALKING and discussing every decision - make sure you both are clear about who does what and how much.  Trust me, if you don't have your business plan and your agreement locked down you will be sorry later.

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      Stimpposted 13 years agoin reply to this

      That's right never "do" a friend.

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   JMPruittposted 13 years ago

   i totally agree here. dont mix business and friends. it will cause bad blood if something happens later. now, you may become friends later, but keep it professional, and make sure it is always clear that the business comes first.

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8. 72

   AEvansposted 13 years ago

   exprienced stranger, a business partnership with a friend could destroy the friendship if not handled in a professional manner.

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9. 60

   shoespageposted 13 years ago

   if i were you, i'd choose to work with my friends

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10. 0

    justice seekerposted 13 years ago

    stranger.

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11. 70

    Cagsilposted 13 years ago

    Neither.

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    1. 0

       justice seekerposted 13 years agoin reply to this

       great answer!

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12. 64

    Greek Oneposted 13 years ago

    whomever has the most money to invest

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    1. 70

       Cagsilposted 13 years agoin reply to this

       Hey Greek, don't you think that's a little reckless? Just asking.

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