Partnership

[MdoG]

I have a friend who is an amazing illustrator and has a steady stream of freelance work. I am in the beginning phases of business as a screen printing provider. Together we already collaborate and make original artwork with different bands as the theme and sell them threw etsy and in person but i am trying to expand towards more wholesale jobs. My friend is very useful and can create html script and works for a marketing agency which could also be of value. As my business is expanding he has said that he would like to become partners. This partnership would combine his flow of freelance and my screenprinting work (making us a (Screenprinting & Illustration) company and hopefully motivate him to help me put ourselves out there more for wholesale jobs and increase online sales. I love working with him but am not sure if this is a wise idea. I dont want to have to ask permission once we get to the point of needing employees, I dont want to debate whether we should spend this or that. I dont want to give up this kind of control and feel like partnerships are a bad idea all around. I would love any input on this, i am hoping to seekout a better solution than a 50/50 split. I love the guy as a friend and he certainly brings a lot to the table so i want to proceed carefully so that we utilize each others strengths most appropriately.

[RICK STEFANICK]

All i can say is WOULD YOU MARRY HIM? Because thats what a partnership is..

[jvanick]

All i can say is WOULD YOU MARRY HIM? Because thats what a partnership is..

This^^^

Maybe a contract printer relationship would be a better choice.

FWIW, I would NEVER want someone else in control of my business.

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[Prosperi-Tees]

Based on my experience it would be a big fat no to the third power

[Doug B]

I dont want to give up this kind of control and feel like partnerships are a bad idea all around.

  You answered your own question.

[blue moon]

I've had a best partner there ever was and one that I was contemplating beating into a bloody pulp with a baseball bat. In general, based on various opinions with similar positions, I have found that partnerships work the best when there is some distance between the involved individuals. If you are close friends, it is less likely to work out. When partnering with somebody who is not as close, there is a more distant and thus more manageable relationship going on. It tends to be more respectful as you tend to be more sensitive to their needs. With close friends we just assume to know what they want or that they will go along with you. Partners that are not as close will have to communicate better and will need to compromise to keep the respect for each other. pretty sure I am not explaining this very well, but it should give you something to think about.

Dealing with another person as a partner is probably significantly lower on the importance list than having a good plan and understanding of how you will be making this business work. Additionally, if you are planning on going the distance with this endeavor, protecting your equity should be very high on your priority list. There is something to be said about bringing on the partner, but you have to understand what it will do to your future (As in 10-20 years from now) earnings.

pierre

[Inkworks]

Don't. You can have a friend or a partner, the two are mutually exclusives 98% of the time.

[GKitson]

IF you do go down the road of having a partnership make sure you have a meat eating SOB of a lawyer craft you a buy-sell agreement that protects both parties when you disagree.  Think of it as the pre-nup prior to a celebrity marriage.

A quality buy sell has saved my ass twice.

BTW ain't no such thing as a 50/50 partnership no matter how good your relationship is now,, money changes things.

[Sbrem]

This!

Steve

[jsheridan]

Yeah get a good lawyer as far as I know a partnership is the only business model that requires you to define the ending before it even begins just like a marriage prenup

[brandon]

Yup. Lawyer. Operating agreement. Saved me. I would not do anything with anyone without one. Written. In. Stone.