Business Partnerships?

[Lee]

Just wondered what everyone thought about business partnerships and specifically, have you ever gone into business with someone you worked with already?

If so, how do you choose the person to go into business with? D you base it on friendship? Finances? Or something else?

Would be interesting to see the responses to this

Regards,

Lee

[stwof]

well, one always works harder than the other but you spit the startup costs. :high:

[Dawgy]

dont get me started on partnerships :argue:

that said, id be open to partnering with someone if everything is on paper, and they are someone from the industry that i know well.

[EddieK]

I believe you don't have to be a good friend for the partnership to work. There just has to be mutual respect and work ethics. Bringing someone on as a partner you would hope they would have some experience and contacts within the industry you are working. I guess this would fall under what they could bring to the table for the business.


www.elkconsultingxxx.com

Ask me how to bring in additional revenue into your site! :wtf:

[gaystoryman]

I think you need to have things clearly laid out in writing before hand, so that if they are friends you can keep on being friends.

Clear definition of the duties for each person.

Clear fiscal responsibilities for each

Clearly defined goal of the business

Independent 3rd party arbitrator for when there is a dispute so that it doesn't escalate into name calling

Where each has their own strengths that are not in conflict with the other's strengths and/or weaknesses.

Mutual respect

Mutual work ethics

being cute is an option

just my 2 cents
Ian

[Gary-Alan]

Personally, if it's a parntership with someone in the industry I beleive that first there must be mutual respect and work ethics.

Then you need to look at the 'what I bring to the picnic" factor. Does this person have a specialty or skill the business needs? Do you have something (contacts, content, etc) or do something that you do (programming, consulting, etc) to enhance the company?

Each should compliment the other and not over shadow each other. Ones weakness should be a strength in the other and visa versa.

Once you can establish a commonality THEN it all goes down on paper as in a plan. I don't think you need to start everything over, but layout what it is each expects to accomplish - sites, affilaite programs, non adult, adult etc. Bring it all together as a new plan.

Once everyone is agreed, then put it all down in legal agreements. This is an important part. Since we live and work in cyberspace, I find some people have this idea that contracts aren't necessary. They are SO needed! I think many of us have felt the sting from not having things in writing at one point or another.

But before all the legalities and signatures, there HAS to be a solid common foundation and plan that all parties agree to.

My two cents...

GA

[Chilihost]

I have tried partnering up a number of times for specific projects but they always seem to get ignored or go the wayside, for whatever reason. I think the important thing to do is when you are partnering up, you have to spell out each persons workload, including a min amount per week that has to be done by both parties!


cheers,
Luke

[Lee]

Some great advice shared int his thread thanks everyone :thumbsup:

Regards,

Lee

[Bell]

1. mutual respect

2. honesty

3. mutual work ethic

4. common goals

5. open ongoing communication

6. get it in writing

7. keep promises

8. loyalty

9. ongoing education in the related field

10. flexibility - when needed - if possible

11. willingness to listen to suggestions and talk them through

12. determination to complete projects on-time and keep promises

13. "can do" attitude

14. focus

15. and did I mention - loyalty and common goals ??

~Bell


(best I can do - with a headache today - if I think of more - I'll
come back and add them at another time..)


p.s. here's a number 16.
don't take advantage of each other... don't expect miracles...
give positive feedback often and give negative feedback when
necessary (with a tender tone) - and dont ever ever ever tell
private company business to anyone else - even after the partnership
dissolves... and keep your eyes and ears open at all times for
"the cause"

that seems like more than a #16, #17, #18 etc...

I'll fix it later...

~still Bell

[dirtygeek]

Ya know, thare about about 4 people/companies that I would do a partner ship with. They all know who they are because we talk all the time. :specs: (When they aren't blocking me on AIM, cough)

I tried that with a company last year. Not only where they always so shady feeling when you talked to them, they didn't pay me things that I was owed.

Never again.

[Gary-Alan]

Originally posted by andymike
Ya know, thare about about 4 people/companies that I would do a partner ship with. They all know who they are because we talk all the time. :specs: (When they aren't blocking me on AIM, cough)

I tried that with a company last year. Not only where they always so shady feeling when you talked to them, they didn't pay me things that I was owed.

Never again.

I just haven't turn AIM on yet bitch!

ROFLMAOPIP

[dirtygeek]

:wacko: