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Thread: Has anybody gone into partnership with someone?

  1. #1
    Regular Member JuzzyD's Avatar
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    Default Has anybody gone into partnership with someone?

    Has anybody gone into partnership with someone?

    I've currently got my own company (just myself, IT, serving small to medium businesses) and for the past couple of years I've had a reciprocal arrangement with another local company (again, single person, IT, serving small to medium businesses) for support cover for holidays, jobs abroad etc.

    The other chap mooted the idea of joining forces 12 months ago and, to cut a long story short, I'm seriously considering it (the catalyst is the possibility of 18 months of work with a good return that the other company wouldn't be able to deal with on his own).

    The thinking is to close both our existing companies down and set up a new company with 50/50 ownership between us.

    I've taken some advice from my accountant but I wonder if anybody has had any experience of going into partnership and therefore maybe advise on what pro's and - more importantly - what con's they've experienced? (the accountant mentioned getting a proper partnership agreement drawn up that specifies if one partner decides to sell up first refusal should go to the other partner, plus what method of arbitration should be used should a stalemate situation occur).

    Any help or advice would be appreciated.

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    Admin plasma's Avatar
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    Default

    All i can advise is just make sure you know how this guy works, I was in a business partnership with someone and it ended up with me doing most of the work. His idea of 50/50 could be different to yours, All I'm saying is make sure you know what your letting yourself in for. Good luck with it mate.

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    Regular Member ditchp's Avatar
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    just make sure your eye's and ears are fully open
    Midlands Mod Shop - NFFC.

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    Regular Member JuzzyD's Avatar
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    So far he's not done anything to concern me, but I know and take on board what you mean.

    I've just got to get my head round the idea of not being fully in control!

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    Regular Member ditchp's Avatar
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    just make sure you know what you are doing mate..............anyone can work hard for the good of the company, but only an idiot will do it for free...


    i was told that years ago when i first went self employed
    Midlands Mod Shop - NFFC.

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    Hi

    If your going to be supplying hardware/software as well as services you need to go down the Ltd route and set up as a company. Otherwise you business partner could do a runner and leave you with the debts!

    Andy

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    Forum Moderator soulman's Avatar
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    the way i see it is,if you are making a good living out of what you are doing now,and have enough good leads so that there is no danger of going out of bussiness...do you really want to loose total control.....or are the money signs flashing in your eyes thinking that you will make it rich.........either way take a long hard look at what you want

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    On a Sabbatical VauxVeteran's Avatar
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    I nearly did/had 2, me getting it depended on taking him onboard, so I left it because I wasn't gonna carry dead weight.

    Only advice I can give is make sure the person is a grafter and reasonably intelligent.

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