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!
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!
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.
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.
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.
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.
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)
I agree with the others. Go with the experienced stranger.
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.
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.
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.
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.
exprienced stranger, a business partnership with a friend could destroy the friendship if not handled in a professional manner.
by MissJamieD 7 years ago
From experience I know how frustrating it is that my husband is the boss of our family and makes 95% of the choices we face....but I'm also thankful because I have enough to deal with as a SAHM and it's kind of a mental break for me...what do you think? Does there need to be a dictator or is there...
by Faith Reaper 6 years ago
Please forgive my ignorance on this, as I have been married forever, but what does one mean . . .Way back in the day, one either had a girlfriend, boyfriend, roommate, wife or husband. Please do not take offense at this question anyone, as I am just clueless, but what does one mean when one...
by mariteslausin 6 years ago
I need a business partner in lead generation. Any tips in choosing the right business partner?
by Maurice Wisdom Bishop 6 years ago
If your spouse has given up sex forever does the other spouse has the right to cheat?
by M. T. Dremer 2 years ago
Have you ever experienced doubts about your religious beliefs?
Copyright © 2019 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|