Partnerships - yay or nay?!

westcoast66

Anyone here got any pearls of wisdom about partnerships?

I have built a few businesses at this stage. I had one really good experience with a partner but by and large I have been let down. I generally feel that the other partner/partners aren't pulling their weight and end up just feeling very frustrated. One of my businesses broke down over this.

So, I have vowed that the next business I do will be by myself. Anyone got any thoughts in this area?!!

Thanks

tombull82

Nay best off if you can do it alone..

mickbyrne

It's very hard to make partnerships work. If you are going to go into another partnership you need to draw up a detailed partnership agreement from the start. This should address everything including what you expect from the other partner. This way everything is clearly spelt out from the start and it is more like that things will succeed as everyone knows there responsibilities.

Spinnaker

In partnerships the upside is that one plus one can be three if you get it right so beneficial ones are worth looking for and striving for

I agree with Mick on all else. I am spending hours and days getting it all 'out' and documented with a prospective partner; goals, who does what, resources brought, skills, life goals etc etc. Think long detailed engagement period before you tie the knot

CamperMan

try to avoid it if you can..... I have had partnerships in the past and it caused nothing but headaches.. try to do it on your own.