OT What should I do (business Op)
06-06-2003, 09:59 AM
#31
Member #9
Charter Member
My Dad always told me "Sink or Swim by yourself". Too Old hit it on the head with his comments. Partnerships are a big pain in the ass no matter what, proper paperwork or not.
I know some folks who were in business together as partners and believe it or not the two guys got along great, it was the WIFES that felt the other one was getting jipped.
"How come he got a new company car"
"How come he got 4 more vacation days than you did"
"How come he got to go on that golf outing"
"How come you go into the office earlier than he"
ETC, ETC, ETC
The wifes *****'d so much that it got to the husbands and the partnership broke up.
Having him contract with you is a good start. You are still on your own and can do what you want. It will tell you a lot about how the other person acts.
Jeff
I know some folks who were in business together as partners and believe it or not the two guys got along great, it was the WIFES that felt the other one was getting jipped.
"How come he got a new company car"
"How come he got 4 more vacation days than you did"
"How come he got to go on that golf outing"
"How come you go into the office earlier than he"
ETC, ETC, ETC
The wifes *****'d so much that it got to the husbands and the partnership broke up.
Having him contract with you is a good start. You are still on your own and can do what you want. It will tell you a lot about how the other person acts.
Jeff
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06-06-2003, 10:11 AM
#32
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Jon;
In your post you stated that the buisness is just now starting to make you some money. This would lead me to believe that you have paid your dues and made plenty of sacrifices to get to this point. It also tells me that you have the skills, technical and business, to make your business successful.
I would stay the course and reap the benefits that you have earned.
In your post you stated that the buisness is just now starting to make you some money. This would lead me to believe that you have paid your dues and made plenty of sacrifices to get to this point. It also tells me that you have the skills, technical and business, to make your business successful.
I would stay the course and reap the benefits that you have earned.
06-06-2003, 10:51 AM
#33
Charter Member #232
Charter MemberThread Starter
Originally posted by Phknlwyr
Jon,
After you do this deal, why don't you invite your in-laws to move in with you and then have cousin Eddie take up space in your driveway with his RV, and then maybe you could do a running belly flop into a briar patch follwed by a nice cool alcohol bath...
Jon,
After you do this deal, why don't you invite your in-laws to move in with you and then have cousin Eddie take up space in your driveway with his RV, and then maybe you could do a running belly flop into a briar patch follwed by a nice cool alcohol bath...
You always crack me up Keep it coming I am still reading all the input. I have gotten just what I expected from this site. Some positive reinforcement and some great questions that I will be able to ask them at the interview (actually before that when I am at this guys house putting his projector back together for him.
Jon
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06-06-2003, 11:55 AM
#35
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Originally posted by Phknlwyr
Jon,
After you do this deal, why don't you invite your in-laws to move in with you and then have cousin Eddie take up space in your driveway with his RV, and then maybe you could do a running belly flop into a briar patch follwed by a nice cool alcohol bath...
Jon,
After you do this deal, why don't you invite your in-laws to move in with you and then have cousin Eddie take up space in your driveway with his RV, and then maybe you could do a running belly flop into a briar patch follwed by a nice cool alcohol bath...
06-06-2003, 03:30 PM
#37
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Equity Ownership
To win at the game of wealth accumulation means you have to be in positions of equity ownership. 70% of the millionaires in this country own their own business. The rest are professional athletes, senior corporate executives, entertainers, and professionals (doctors, lawyers, engineers).
As a individual person running and owning a business you will eventually max out what you can produce with your given resources. One way to expand your revenue generating operations is to allow others to do tasks that contribute to revenue generation. Sometimes this means you need a partner to expand your capacities.
In this case it seems that this other person values your skills and believes that with you he can generate additional revenue for him. The question is will this arrangement allow you to increase your capacity to do the same. Will he brings additional high end clients, get discounts on your supplies, provide skilled assistance, etc. If so, there are reasons to look at partnering.
In an equity partnership, you own some percentage of the business. This includes the expenses, liabilities and profits that are generated.
At some future point if it does not work out, you take your customers that you brought to the business, settle up on expenses, liabilities, and share in the profits incurred while there. You then sell your piece of the ownership and go on your way.
It is a complicated business arrangement, but it is done all the time with great success. Clear expectations and a good lawyer will protect both of you and your present and future interests.
Good Luck,
Doug
As a individual person running and owning a business you will eventually max out what you can produce with your given resources. One way to expand your revenue generating operations is to allow others to do tasks that contribute to revenue generation. Sometimes this means you need a partner to expand your capacities.
In this case it seems that this other person values your skills and believes that with you he can generate additional revenue for him. The question is will this arrangement allow you to increase your capacity to do the same. Will he brings additional high end clients, get discounts on your supplies, provide skilled assistance, etc. If so, there are reasons to look at partnering.
In an equity partnership, you own some percentage of the business. This includes the expenses, liabilities and profits that are generated.
At some future point if it does not work out, you take your customers that you brought to the business, settle up on expenses, liabilities, and share in the profits incurred while there. You then sell your piece of the ownership and go on your way.
It is a complicated business arrangement, but it is done all the time with great success. Clear expectations and a good lawyer will protect both of you and your present and future interests.
Good Luck,
Doug
06-06-2003, 05:45 PM
#38
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I once had a partner and it literally tore me apart...caused me incredible grief over the years and other people still blame me for bringing him into the inner circle.
He was always talking away, grinding people for a better price, running out of fuel with his boat, checking the engine oil with the engines idling, ran around Newport with his fenders hanging out, trailered his boat down hill with the brakes on and flames shooting out from his wheel wells, hung out at sleezy gentlemens clubs and had five girlfriends with the name Michelle.
I am still trying to get on with my life but I am having no luck!!!!
DMan
Hey Jon...find a partner in Southern California and come live where all the winning sports teams reside!!!! Oh yeah!!! Go Ducks!!!!
He was always talking away, grinding people for a better price, running out of fuel with his boat, checking the engine oil with the engines idling, ran around Newport with his fenders hanging out, trailered his boat down hill with the brakes on and flames shooting out from his wheel wells, hung out at sleezy gentlemens clubs and had five girlfriends with the name Michelle.
I am still trying to get on with my life but I am having no luck!!!!
DMan
Hey Jon...find a partner in Southern California and come live where all the winning sports teams reside!!!! Oh yeah!!! Go Ducks!!!!
06-07-2003, 07:36 AM
#39
Charter Member #232
Charter MemberThread Starter
Ron I was wondering what you were going to write. I did know it would at leaste be interesting
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06-07-2003, 11:17 AM
#40
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Jon:
Your doing the right thing by considering the offer and getting advice from as many different angles as you can. Chart’s post was awesome. Sounds like you know him well enough to spend some time on the phone testing ideas – I would strongly recommend leaning on him as much as he will let you.
Having met you once, my read was you’re the creative type – the best part for you is probably listening to the clients desires and giving birth to their dreams. The flip side to that typically is you probably chafe under the nuts and bolts, bureaucratic, bookkeeping, etc, functions of the business world. Unfortunately the beginning of waterbum’s post is a fundamental truth of finance. If wealth accumulation is your goal, you need to be an owner.
If this guy has something you need (maybe capital) to help you move towards your long-term goals, Shane’s idea sounds damn good. If your allowing his offer of an increase in current income to stampede you away from your long-term goals – you probably wont be satisfied in the future regardless of how kewl this guy is!
Good luck!
p.s. Dman, not a single smilie face
Your doing the right thing by considering the offer and getting advice from as many different angles as you can. Chart’s post was awesome. Sounds like you know him well enough to spend some time on the phone testing ideas – I would strongly recommend leaning on him as much as he will let you.
Having met you once, my read was you’re the creative type – the best part for you is probably listening to the clients desires and giving birth to their dreams. The flip side to that typically is you probably chafe under the nuts and bolts, bureaucratic, bookkeeping, etc, functions of the business world. Unfortunately the beginning of waterbum’s post is a fundamental truth of finance. If wealth accumulation is your goal, you need to be an owner.
If this guy has something you need (maybe capital) to help you move towards your long-term goals, Shane’s idea sounds damn good. If your allowing his offer of an increase in current income to stampede you away from your long-term goals – you probably wont be satisfied in the future regardless of how kewl this guy is!
Good luck!
p.s. Dman, not a single smilie face
Last edited by Uncle Toys; 06-07-2003 at 12:00 PM.
