What Do I Need To Know Before Starting a Partnership with a Friend?
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- Опубликовано: 3 сен 2021
- What Do I Need To Know Before Starting a Partnership with a Friend?
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My dad went into business with his good friend… yada yada… bankrupt, they hate each other and haven’t spoken in decades.
Well this comment is a good example of getting straight to the point. XD
And then there’s dads who have partners with friends who made millions lol
Yes freaks of nature do exist.@@VitoD226
Get a WRITTEN CONTRACT IMMEDIATELY!! A general rule is to Never go Into business with family and friends but there are exceptions to this rule. To not be a victim of regret and I'll feeling, get a written contract
"The only ship that won't sail is a partnership!" Money and work can complicate a good friendship. It can still go incredibly well, but being up front with what can happen and having a protocol in place for the ways it can go sideways is important!
😉
It can still. But it most likely wont. You aren’t the exception
Having a protocol wont help. You need a legal binding contract. Stop giving people bad advice
I completely agree Courtney, it’s also a ship that when it hits a rock destroys friendships. My dad and my two uncles have had a partnership for 40 years that has been completely mismanaged. Everyone in the family knows exactly what needs done to fix it, but it’s a partnership that is broken and the three of them can’t fix it.
Best qualities to look for in partnership is honestly and hardworking
Just like a successful marriage a successful business happens when both people give 100% holding nothing back. It's not 50/50, it's 100/100
It’s when you go in with absolute expectations when you begin to only focus on what your partner is doing and not doing
@@michaelpalumbo4880 Excellent point
Generally, it's a dumb idea to go in business with family or friends.
I got lucky. Years ago I started a lawn care service. We were both honest with each other and put full effort into it. I handled maintenance/repairs, he handled billing and paperwork, his wife handled schedules and phone calls. We did very well. But as you get older, that kind of work gets difficult and it was a mutual decision to stop. We are still great friends.
You ascribe it to luck but I suspect one of the other two was so good at preventing and resolving conflict it seemed like luck. That person should write a book for the rest of us!
That's great. Keep it up
A wise person once said to me, "sink or swim on your own, don't drag other people down with you". I took that advice and I'm still swimming 30 years later. Reaping the rewards of independence.
I am SO glad I watched this. What really spoke to me was do a joint venture NOT a full partnership. Makes perfect sense. Thanks Dave!
Same here, that's really my take-home from this video.
Brilliant advice 👏🏾👏🏾👏🏾 Thank you for sharing this conversation.
One of the best mentors I've ever had in my life. I just bought the total money makeover and am waiting on delivery. What a blessing this man is.
Partnership sounds dangerous.
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Thanks for these recommendations.....
I feel that it can work if you have clear goals and expectations before you work. Also you need to communicate all of the time.
Thanks Dave for the great advise.
Dave, I can attest to what you've said is TRUTH! I bought her a brand new laptop computer to use in the business. The ONLY thing she used that laptop for was to play games! My 'partner' turned out to be nothing but a taker, without providing anything at all. NEVER AGAIN!!
Amazing advice!!! Thank you 👏👏👏
The best advice I’ve found. Thank you
Your partner’s spouse gets half of their half. Imagine a divorce…
How do you stop that?
You are 100% right with a partnership.
Happened to my dad. He started a septic business and his partner / “friend” did a bunch of night jobs under the table. Right after that he got married and just runs it with his wife.
Solid advise!
Dave is 100% correct.
Put in writing what each other will put in time wise also. Friend had a partnership and the partner never showed up to work...
Just do it on your own.
Dave and Ken's advice is spot on.
Most of the time someone walks off with it all somehow if it is successful and if it is not successful it is a mess and if you are not the someone to walk off with it the. You have a mess trust me I have zero percent in a company that earns between 400 and 700k per year because after putting in 100 plus percent for over twenty years partner walked off with it all now I am old with a mess
Literally the perfect video for my current situation.
I’ve owned a funeral home for 14 years with a partner. So far so good.
Congratulations you’re the exception.
Endless supply of new customers....🙄
My great great great grandfather started a monument company... now it is on the four generation.
Silent partner?
Is he dead?
College planning is a booming industry but I can’t of another line of business where customer expectations are more out of line with reality. Parents are going to expect to pay practically nothing for you to deliver a full ride scholarship to a top school for their B average child. No thanks!
As a lawyer partnership is very messy
I know of a successful partnership and I know of many unsuccessful partnerships. Bottom line, if you can do it yourself... do it. When I was very young I came up with an idea and me and my best friend started a business... from their it went down hill. The company (the idea was that good) actually survived and my friends mom made a career from it. I personally have no resentment.
Same here. Live, learn, & go on!
Good morning everyone be kind to everyone everywhere.
K
Good but easy said than done.
As long as there’s a contract stipulating the terms of the kindness.
Totally unrelated but Crazy enough I was missing home (Albuquerque, NM) and I click on this video.
Good general buissines advice. They both thought it was a bad idea, but it's good to go through the motions as young buissines men.
The most important factor is you have to be prepared to loose a friend.
My brother, dad and I are in a “partnership” together where we build these cool mobile bars.. and it’s going horrible wrong at almost every turn.
In my experience it was a huge pain being in a partnership half the time you need to both be somewhere to do anything and the other half when stuff needs to be done that doesn’t require both the partner always has “something going on”. You might be the smarter businessman and say we need to by this because it will make us money then the other guy says no.
Written contract with clear expectations and duties and terms.
There was a person on shark tank who made something similar to this and it didn’t do well
The scholarship business is apply for them for the students
I can’t think of ever doing this. I just think the downsides are way too high compared to the upsides. I wouldn’t want to risk my friendship for it really
My dad is in a 50/50 partnership for nearly 20 years owing a restaurant and still going to this day. What I c they got going on appears to work very well for them imo.
Ask him what his key elements to success are
there’s only three reason why you should have a business partnership 1. you don’t have enough funds. 2. You don’t know how to operate the business on your own. 3. You need the connections.
Isn’t it still considered a partnership if the the other person takes a certain percentage of the profits as they mentioned
I have the opportunity to buy out my boss and co-own the company with a fellow co worker where I am currently employed. Me and my co worker have a good relationship but still puts a sour mouth just thinking about that
These bubby businesses go sideways all the time, even if they structure it properly.
It’s better to use the bank as a business partner
Very good point! Use the bank capital to hire help and pay for equipment and advertising 👍🏾
So my dad had a partnership and they made a lot of $ and the guy took more $ than he should’ve and then was wanted to do more shady practices to make more $ and my dad wanted no part in that.
Dave has a new shirt
That you won’t be friends in the near future ! 😂
How come two guys created Robinhood? Were they partners?
It will end the friendship
I sew clothing and want to hire an artists to work with me but unsure about business stuff
Good Advise do joint adventure but make own money not partnership!!
*venture
I NEED HELP PLEASE LET ME SPEAK WITH YOU TO HAVE SOME PEICE OF MIND. My father died and left me 50 percent of a home he built with a friend. The house is currently with around 1.1 million and he is trying to give me a quarter of that stating by dad didnt pay bills ect. PLEASE IVE SPOKEN WITH SO MANY ATTORNEYS I AM SO CONFUSED I DONT EVEN KNOW WHERE TO START!
GET A CONTRACT SIGNED
i am in Kenya. I am looking for short term partnership with honest and focued person
I am looking for short term partnership in a hotel business
I am also looking for the same. Looking an honest and focused short term partner
If you're truly friends or family you'd put the friendship over whatever happens on the business side of things. Sadly there're few true friends out there. Never got the never do business with friends mentality.
That makes no sense. Friendships don't make profit. A business is to make profit.
Totally unrelatable.
@@pede8889 exactly. So are you friends or are you just trying to make money. If your friends or family are in your business there may be a situation where one has to choose one over the other because they both exist. Id hope money is lower in the priorities
Yeah im not going in business with friends or family
I am in a family business. We all have defined roles.
... that it will fail.
Only thing u need to know is not do it
Dave name starts with the letter D! RIP 😭😂
If you want to keep the friend don’t do it
dont lol just dont unless your inventing something
Partnership sucks!!! They usually dont work. Invest in yourself instead
Don’t do it. Never put money conversation with family or friends. Because they think that comes first before business but business comes first.
Don't do it
Let's ask Chris Hogan's opinion in this... oh wait... nevermind... 😥
He got the boot because his wife stopped putting out.
Very tragic.
@@crossbowed Wow really? That's a wife's job. That's a shame. How about Anthony O'Neal? Haven't seen him on the show in awhile.
I miss Chris
@@plants4thewin Me too
Chris would throw a flag on this!
Is Pete awake or eating donuts?
Dave should apply his rules of business partnership to marital partnership. 50% of marital partnerships end in divorce.
Contrary to secular teaching, a marriage is not a partnership.
Don’t do it
This is all you need to know, its a huge mistake and you shouldn't do it. I did and got lucky I still have my friend and didnt go bankrupt in the process of shutting it down.
So this guy wants you to PAY him to help you find money. You know there's already a whole slew of phone apps that help you peruse thousands of scholarships right? And many of them are free. There's also this thing called the internet where tons of info is also free. But sure... his business plan sounds like a winner! *eyeroll
I hate this. So never get a business partner? Seems like one of those, I did it, made money, but don't you do it.
Working with someone on a planned joint venture is different than signing up with them as permanent part owners.
Sounds like a parasite concept of a business. Let’s charge students money they don’t have to apply for money that they need for school lol. Find a real business concept. Sounds like a couple of bottom feeders
I think it's a great business idea. Most student's families are involved with their children’s college process, and most don't know where to start. People have to spend money to invest in themselves. Why do people have to offer their services and time for free? Grow up, Green.
@@written2382 You think it’s a great business idea because you probably have no concept on building a successful business. Such a great idea, you want to know why it’s not a successful industry? Because schools offer these resources to students for free
@@greentech2557 You're lazy to assume anything, especially about my business acumen. Schools have hundreds, if not thousands, of students graduating every year. I've sat through school presentations regarding their resources; they’re mediocre.
Horrible idea for a business
Why?
@@written2382 courses or a book... Sure that's fine.... But as a business? I don't see a huge demand
@@Soljarag5 u know how many people apply for college every year?
@@fyemusicplug6486 how many of those kids would be willing to pay enough to support a Business?
@@Soljarag5 fam, I’m telling u firsthand… I’ve paid a lot, and I know too many kids whose parents paid a lot. Trust me on this one, it’s profitable.
Lol "Its mythology, its a lie" said the Christian 🤣😂
As a lesbian, I'm glad to hear from Dave that it's good for me to avoid the D 😁😂
🤣
🤣🤣🤣
“Say dat u a lesbian, girl me too” - Drake
Yo 😂😂😂😂
😁🖖👍👌✌😎
Flop.
Get a good lawyer.
Disliked. MOST HATED SPAMMER, CASEY YOU SCRUB.
Casey, how much time do you spend on RUclips a week? Lol
Dave Ramsey comes across as a hypocrite as his children now run his business.
It wasn’t a partnership… it’s HIS so he can do what he wants.
That's a big g statement founded in ignorance