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Partnership regrets??

I just shared my startup idea with a good friend of mine and he absolutely loves the idea. He wants to come into the biz with me but I have my doubts.
Do any of you guys have any regrets with taking on a partner? Do any of you wish you went at it alone?
My friend and I both have strong personalities, and have had some tiffs working together in the past. He does have lots of experience in areas where I could really use help though. I`m really afraid of losing control of my idea and ruining a friendship. I have lots of doubts.
I`m just at the point where I could really use some help though. If I take him on as a partner... would it be bad if I had more of a share in the company than he does i.e. 60/40 or 70/30?
What do you guys think?
Please chime in...
thanks.
Do any of you guys have any regrets with taking on a partner? Do any of you wish you went at it alone?
My friend and I both have strong personalities, and have had some tiffs working together in the past. He does have lots of experience in areas where I could really use help though. I`m really afraid of losing control of my idea and ruining a friendship. I have lots of doubts.
I`m just at the point where I could really use some help though. If I take him on as a partner... would it be bad if I had more of a share in the company than he does i.e. 60/40 or 70/30?
What do you guys think?
Please chime in...
thanks.
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Comments
I would suggest telling him to start a `consulting company` and paying him through there. Maybe you can have an agreement written up where if you sell the company then he gets 30% etc...
You`re right in that you`ll want to keep control, because 50/50 can quickly end in a mess.
- Bryan
Calvin,It seems like you are at a point in your life where a decision needs to be reached asap. Some things you need to take into consideration are; who`s business idea is it? did you guys both come up with the idea or did you mention it to him. The reason why I am asking is because this will lead to your answer. Secondly, which of you has deeper pockets, and is doing all the research and will most of the cash down?Third, If you are get a gut feeling or are skeptical, most obvious you don`t want to bring him in. Finally, It`s better to preserve a friendship.. What you can do is if you are considering bringing him in offer him 10% of the company to begin, to see if he is putting as much into it as you, then if you feel like you want to give him more, have it in writing and offer him more. Try not to go 50/50 or 60/40.. I had a terrible business partnership experience when I was 21, forcing me to never again bring in friends or loved ones..INTO business
well... the idea is mine and the bplan is mine. he`s a just a good friend that i shared my idea with to get feedback.
it sounds like including friends/family into your biz is a bad idea from what i`ve been reading. how do partnerships work then? i want to find a long-time partner to help me get this project off the ground who i can trust. do most partnerships not begin with friendship?
based on what you guys are saying... it sounds like the best idea is to go solo at this...
Don`t learn the hard way, what gets me the most i s he "was" supposed to be the vice-president. So my best advise to you is, go in it by yourself, yeah starting a business can be overwhelming and scary at first because it`s unknown territory to you, but in the long run you will learn as you go and realize it was better that way. Now if you`d like start an LLP, limited liability Partnership and take it from there.