- NEW!
by loveschimps on March 11th, 2008
Make sure your two personalities mesh well together. One person should have a level head and the other one should be a dreamer so you have the best of both worlds.
by Patti jo on March 9th, 2008
One would be , do a good back ground check on that person . Good Question -- + 5
by Phillis - Zacks little sister on March 7th, 2009
Money changes people, even good people. Imagine that person being evil and greedy, then multiply that times 10. And remember your track record with friends.
by CatLover-The Original is Proudly Canadian on March 7th, 2009
Make sure absolutely everything, including the smallest detail, is in writing and signed by all parties
by Hopedaniels on March 7th, 2009
make sure that your personalities are compatable, that the both of you want the same thing, and get everything in writing, down to the smallest details. even if you think it's not important
by Galeanda on March 11th, 2008
Look at referrals, research research, research, and get everything in writing and USE AN ATTORNEY!
by obe1 on March 11th, 2008
dont do it!
by PsychStud on March 11th, 2008
In my opinion the best thing is to be sure that you know this person not only from the professional side, but from the personal side as well. The latter is often the cause of partnerships splitting. I would also decide on the basic arrangements before signing the agreement such as profit sharing, responsibilities, etc. Good luck!
by scotty on November 21st, 2009
make sure you can f*ck them over more than they can you, always remember loyalty does´nt exist
by dumdum on November 21st, 2009
Everything in writting - EVERYTHING!!! There is no such thing as an understanding or verbal agreement if things turn sour. +5
by zmonique2007 on October 28th, 2009
Is he financially stable?The main reason for seeking out business partnership is the lack of financial resources.
by trickob on July 27th, 2009
go on any ship you like except a partnership
by DreAnna on March 7th, 2009
Details Details Details!! get every single little thing in writing..Even if you think its a small issue..get it in writing..make an agreement..everything signed and recorded..then..best of luck in your joint venture :)
by judgebill on March 7th, 2009
Probably the most important is that you share common goals. That includes how much you each intend to take out of the business as well as how much you intend to put into the business. Also recognize that though you may share common goals, your partner may be required, by personal circumstances beyond his control, to change his goals. Things like this can destroy a partnership. If the two of you get along, your partnership contract will be merely a piece of paper. If the two of you fight, the partnership contract will be inadequate to cover whatever the issue is that caused the fight. This is a "rule of the universe". Good luck. Just remember, partnerships are much like marriages and about 63% of first-time marriages end in divorce.
by Spaniel on March 7th, 2009
Develop a good business plan together. It should project revenue and expenses based on a variety of scenarios, and it should also define the expectations and exit strategy of each partner.
Have some harsh and savvy critics review the plan.
Could you incentivize your family to recycle more if they were rewarded with eco-merchandise?
by LEO on November 16th, 2011
| 1 person likes this
List of best companies for getting a forwarding address in the US?
by Aubrey313 on October 24th, 2011
| 1 person likes this
If you could no longer do regular work, what ideas do you have to earn income from home?
by atomant41 on November 21st, 2011
| 3 people like this
Is it possible to praise the community efforts of small business while loathing the practices of multinationals?
by Anonymous on November 6th, 2011
| 2 people like this
Dry cleaners in Liberty, TX, in 1950's?
by barbarabliss on October 27th, 2011
| 1 person likes this
You're reading What would be some good advice before going into business (co-ownership) with someone?
Your favorite Q&A site is on Facebook! Become a fan to connect with the ever-growing community of Answerbaggers, share your thoughts and find out what Answerbag's up to next!
Comments
Very good point, Brook Ninja. +5 and thank you!
by Miss Anubis loves this season on March 11th, 2008
you are welcome. :)
by loveschimps on March 14th, 2008