WE'VE MOVED!
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
To Partner or Not To Partner With Friend & How Much
Berfie
subscriber Posts: 1
Hello -
I am considering starting a unique food product for the market,
but first I am planning to do research to see if it is marketable
. When the time comes to start this business, however, I would
like to have a partner. I have consider my friend {former
coworker & neighbor} to be my partner. We have been friends
for now 14 years.
She is currently working in an export business where she has helped
developed a food product.. I too worked in the same company
except I got layed off about 4 years ago. She also is running a
business of her own along with her husband.
I would like this business to be in the "family" since it will be a
family receipe and the name I chosen for my future company will be
named after one of parents. I would like pretty much have a
larger control of the business. I don`t know yet, whether she
will be putting any money into the business. For my part, I
will be putting in a large amount of startup for this business.
Also in the agreement - I would like to have stated that the
receipe is not to be devulged should the business succeed or not.
My reason I would like her involved is due to the fact, her
strength is in accounting and of course, she is still involved in the
food industry aspect of it.
What percentage would be appropriate for her part? If she
does want to put in money for the startup - maybe 30% for her. If
she doesn`t put up money at least 15%. I don`t know - what do you
folks out there think?
I am considering starting a unique food product for the market,
but first I am planning to do research to see if it is marketable
. When the time comes to start this business, however, I would
like to have a partner. I have consider my friend {former
coworker & neighbor} to be my partner. We have been friends
for now 14 years.
She is currently working in an export business where she has helped
developed a food product.. I too worked in the same company
except I got layed off about 4 years ago. She also is running a
business of her own along with her husband.
I would like this business to be in the "family" since it will be a
family receipe and the name I chosen for my future company will be
named after one of parents. I would like pretty much have a
larger control of the business. I don`t know yet, whether she
will be putting any money into the business. For my part, I
will be putting in a large amount of startup for this business.
Also in the agreement - I would like to have stated that the
receipe is not to be devulged should the business succeed or not.
My reason I would like her involved is due to the fact, her
strength is in accounting and of course, she is still involved in the
food industry aspect of it.
What percentage would be appropriate for her part? If she
does want to put in money for the startup - maybe 30% for her. If
she doesn`t put up money at least 15%. I don`t know - what do you
folks out there think?
Sign In or Register to comment.
Comments
Best of success!
I am friends with my business partner and she and I agree to disagree on occasion. Maybe invite her into the partnership if you find that you need her after start up.