Biz partner wants out

strandsman

Hi folks, My biz partner wants out of our equipment maintenance business due to personal reasons which i understand, so I am looking for another partner with experience in diesel engines, specifically fuel injection systems, Any advice i would appreciate in (1) finding a partner (2) should it be someone I am friendly with or not, (3) I Am considering a family member?? (4) how much share should they have (5) Could bringing a stranger in be a mad or good move??. Help!

gbee

Partnerships are the worst form of business. There are a host of legal implications.

If you are getting out of this partnership intact, do seek advise from professionals, but it might be better to try and contract someone on an arrangement basis rather than handing over a share of your business.

Additionally, potential 'partners' may be put off by having to accept responsibility for the partnership's liabilities, [which you now own 100% BTW].

It's a tricky one to ask and there are many horror stories in the garage business. One of the businesses I was involved in as a contractor took on a partner and within a few weeks he decided to pull and take half the business with him ~ it went to court and he won.

Partnerships are legal minefields. Continue to seek advice.

neris

Get some good legal advice on this. Can be very messy and end up causing alot of of issues and heartache for both parties. Dont let your current partner bully you around and dont be quick to give in to their wishes to split. Hopfully you,ll have some form of partnership agreement done up before now. You may be better after their out to just go alone and set up a limited company or sole tradership but get advice

antoinolachtnai

Why not just own the whole thing yourself and employ someone? Go back and think about the skills this business actually needs.

This is an opportunity to completely revamp and rethink the business.

strandsman

Thanks for your feedback, I think i'll go down the road of taking over the biz myself and hiring in partimers, I tried to figure out what would be involved in taking a qualified mechanic off SW for 2-3 days a week but the SW web site is a mine field!!! trying to decipher the info is somthing else althogther,anybody got any direct info on this?

zig

stranddsman, as it stands at the moment, you can claim some social welfare while working 2-3 days a week, your offer to someone unemployed could be a godsend.