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Posted on 12/26/14 at 2:31 am
Posted on 12/26/14 at 2:31 am
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This post was edited on 1/7/21 at 3:45 pm
14
Posted on 12/26/14 at 7:06 am to HuntFishMan
You're putting up more money and doing all of the work since he is in Texas. Yea, I see a little problem with that 
Posted on 12/26/14 at 7:35 am to HuntFishMan
Your split is all screwed up. If he's only putting up 40% and he's basically a passive investor you are putting in the bulk of the money and the sweat equity.
I fired my first partner after about a year because of circumstances similar to this. I'm not saying you shouldn't take him on as a partner but you might want to look at the ownership split and decision making ability before you enter into an agreement.
I fired my first partner after about a year because of circumstances similar to this. I'm not saying you shouldn't take him on as a partner but you might want to look at the ownership split and decision making ability before you enter into an agreement.
Posted on 12/26/14 at 8:09 am to HuntFishMan
I agree with others that it sounds like the split is not equaling the investment/work.
One big thing when going into it with friends - have very detailed and written down statements about expectations, timelines, work performance/hours expected. That will save the friendship at some point, even if you two don't like eachother at some point during it.
Of course, if you're doing all the work, I guess its an easy document to come up with.
One big thing when going into it with friends - have very detailed and written down statements about expectations, timelines, work performance/hours expected. That will save the friendship at some point, even if you two don't like eachother at some point during it.
Of course, if you're doing all the work, I guess its an easy document to come up with.
Posted on 12/26/14 at 10:48 am to Tigerstark
Yes, all very true comments. I suppose I should reevaluate my terms. Perhaps I put up 60% and he puts up 40%, and then since I'm going to be here running it I own 80% and he owns 20%? Doubt he'll go for it but it sounds fair to me since he doesn't have to do anything except provide funds, I'll even let him earn all his money back first as an incentive.
Posted on 12/26/14 at 10:56 am to HuntFishMan
What is the nature of the business?
Posted on 12/26/14 at 11:01 am to boosiebadazz
Resturant, so after a certain point we will have managers that do most of the work.
Posted on 12/26/14 at 11:07 am to HuntFishMan
Do you have restaurant experience? It's a great way to lose your arse if you don't know what you're doing.
Posted on 12/26/14 at 11:22 am to VABuckeye
I'm confident in the business itself and everything that goes with it, just not sure about my current partnership agreement because I am going to have to be involved in the beginning a significant amount. Really not trying to be greedy just practical so I can keep my best friend and run an issue free business.
Posted on 12/26/14 at 11:49 am to HuntFishMan
I know of a few businesses that started with friends as partners that ended with mortal enemies.
I don't think there's anyway for either partner to know the expectations of the other until problems arise with conflicting solutions. You can't put down on paper (contract) solutions to unforeseeable problems that arise. When problems arise there's a good chance the friendship will disappear with the quickness.
My experience says 'never go into business with a friend as a partner'.
Posted on 12/26/14 at 11:50 am to HuntFishMan
It is easy to go into business with other people. It is difficult to get out of business with other people. Before you go into business you should have an agreement as to how you get out of the business. This is especially important when it is friends or relatives considering going into business.
Posted on 12/26/14 at 2:55 pm to HuntFishMan
"Your friend", will become your mortal enemy.
I bet he guts you like a fish
I bet he guts you like a fish
This post was edited on 12/26/14 at 2:57 pm
Posted on 12/26/14 at 3:00 pm to HuntFishMan
Sounds like a good way to lose a friend. Especially if it's a restaurant, the hours you'll have to put in will be insane, especially compared to what your friend will be doing.
Posted on 12/26/14 at 3:34 pm to HuntFishMan
Serious question you need to ask yourself. Do you really need a partner to pursue this venture? If I was putting in the majority of the money and doing all the sweat equity I would get creative and find a way to make up the rest of the start up capital without taking on a partner. It sounds like you have all of the expertise and all you are missing is funding. Like I said get creative and I bet you can make up the difference without giving away almost half your business to someone a state away who will be contributing nothing to it's success.
This post was edited on 12/26/14 at 3:39 pm
Posted on 12/26/14 at 4:33 pm to AngryBeavers
Everything y'all said is true and logical. I suppose I was thinking emotional when I asked my buddy to come in with me. I hate to frick him over after I asked him if he was interested in doing this with me. But I'll think about it and learn from this choice...
Posted on 12/26/14 at 4:54 pm to HuntFishMan
You are not fricking him over if you revoke the offer, just explain you think it would be better to go it alone and not mix your personal lives with business. You working long hours and sending him checks for doing nothing will build resentment and damage your friendship. If he gets pissed about you following a dream then he isn't your friend imo.
This post was edited on 12/26/14 at 4:56 pm
Posted on 12/26/14 at 8:02 pm to AngryBeavers
Pay him 6% interest for his "loan." Pay off in 30 months with no early payment penalty.
Name a dish in his honor.
Name a dish in his honor.
Posted on 12/26/14 at 9:29 pm to HuntFishMan
Never work for free. If you are doing management stuff, pay yourself a salary.
Posted on 12/26/14 at 10:37 pm to Jcorye1
quote:
Never work for free. If you are doing management stuff, pay yourself a salary.
I disagree. If it doesn't hurt you financially it can be a good thing. I didn't take a paycheck for over a year. You're the one reaping the rewards once it's stable. That's not working for free. Look at it like an owner and not like an employee.
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