What Do I Need To Know Before Starting a Partnership with a Friend?

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What Do I Need To Know Before Starting a Partnership with a Friend?

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Күн бұрын

What Do I Need To Know Before Starting a Partnership with a Friend?
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Пікірлер: 149

@michelhanson1500 3 жыл бұрын

Get a WRITTEN CONTRACT IMMEDIATELY!! A general rule is to Never go Into business with family and friends but there are exceptions to this rule. To not be a victim of regret and I'll feeling, get a written contract

@moneybee 3 жыл бұрын

"The only ship that won't sail is a partnership!" Money and work can complicate a good friendship. It can still go incredibly well, but being up front with what can happen and having a protocol in place for the ways it can go sideways is important!

@RandomVids519 3 жыл бұрын

😉

@k-mart7475 3 жыл бұрын

It can still. But it most likely wont. You aren’t the exception

@k-mart7475 3 жыл бұрын

Having a protocol wont help. You need a legal binding contract. Stop giving people bad advice

@user-po9fr6jd6t 6 ай бұрын

Best qualities to look for in partnership is honestly and hardworking

@mikezerker6925 3 жыл бұрын

My dad went into business with his good friend… yada yada… bankrupt, they hate each other and haven’t spoken in decades.

@anneshirley9560 3 жыл бұрын

Well this comment is a good example of getting straight to the point. XD

@VitoD226 2 жыл бұрын

And then there’s dads who have partners with friends who made millions lol

@books4739 5 ай бұрын

Yes freaks of nature do exist.@@VitoD226

@michaelh7527 3 жыл бұрын

Generally, it's a dumb idea to go in business with family or friends. I got lucky. Years ago I started a lawn care service. We were both honest with each other and put full effort into it. I handled maintenance/repairs, he handled billing and paperwork, his wife handled schedules and phone calls. We did very well. But as you get older, that kind of work gets difficult and it was a mutual decision to stop. We are still great friends.

@jaylewis9876 10 ай бұрын

You ascribe it to luck but I suspect one of the other two was so good at preventing and resolving conflict it seemed like luck. That person should write a book for the rest of us!

@user-po9fr6jd6t 6 ай бұрын

That's great. Keep it up

@devinhinkson3798 3 жыл бұрын

Just like a successful marriage a successful business happens when both people give 100% holding nothing back. It's not 50/50, it's 100/100

@eddyd8449 2 жыл бұрын

It’s when you go in with absolute expectations when you begin to only focus on what your partner is doing and not doing

@themusicman669 2 жыл бұрын

@@michaelpalumbo4880 Excellent point

@deltalima5806 2 жыл бұрын

I am SO glad I watched this. What really spoke to me was do a joint venture NOT a full partnership. Makes perfect sense. Thanks Dave!

@allthings_araba23 8 ай бұрын

Same here, that's really my take-home from this video.

@theinvestordomain6592 3 жыл бұрын

Partnership sounds dangerous.

@jackh1032 3 жыл бұрын

A wise person once said to me, "sink or swim on your own, don't drag other people down with you". I took that advice and I'm still swimming 30 years later. Reaping the rewards of independence.

@vickieturner8688 3 жыл бұрын

Dave, I can attest to what you've said is TRUTH! I bought her a brand new laptop computer to use in the business. The ONLY thing she used that laptop for was to play games! My 'partner' turned out to be nothing but a taker, without providing anything at all. NEVER AGAIN!!

@craigcarter400 3 жыл бұрын

Happened to my dad. He started a septic business and his partner / “friend” did a bunch of night jobs under the table. Right after that he got married and just runs it with his wife.

@shadygrady3819 3 жыл бұрын

I’ve owned a funeral home for 14 years with a partner. So far so good.

@yoddy0 3 жыл бұрын

Congratulations you’re the exception.

@raallen1468 3 жыл бұрын

Endless supply of new customers....🙄

@johnSmith-uz8nl 3 жыл бұрын

My great great great grandfather started a monument company... now it is on the four generation.

@Jane5720 3 жыл бұрын

Silent partner?

@ConstructionHoney 3 жыл бұрын

Is he dead?

@flisfinance5680 3 жыл бұрын

I feel that it can work if you have clear goals and expectations before you work. Also you need to communicate all of the time.

@johnSmith-uz8nl 3 жыл бұрын

I know of a successful partnership and I know of many unsuccessful partnerships. Bottom line, if you can do it yourself... do it. When I was very young I came up with an idea and me and my best friend started a business... from their it went down hill. The company (the idea was that good) actually survived and my friends mom made a career from it. I personally have no resentment.

@SS-rl9bg 2 жыл бұрын

Same here. Live, learn, & go on!

@user-wi5ib5ji6k 5 ай бұрын

investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good?>>>>>

@BernardineRingwood77 5 ай бұрын

I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income,,,,,.....,,,,,.....

@Golda-ln3ri666 5 ай бұрын

how do I get in touch with this consultant that assist??,...,..

@BernardineRingwood77 5 ай бұрын

STEPHANIE KOPP MEEKS, that's whom i work with look her,....,.,

@Golda-ln3ri666 5 ай бұрын

Thanks for these recommendations.....

@cincinnatislider 3 жыл бұрын

Your partner’s spouse gets half of their half. Imagine a divorce…

@pizzamad3334 6 ай бұрын

How do you stop that?

@sojoslim1618 3 жыл бұрын

One of the best mentors I've ever had in my life. I just bought the total money makeover and am waiting on delivery. What a blessing this man is.

@BlessedbytheKingofKings 3 жыл бұрын

Good morning everyone be kind to everyone everywhere.

@RandomVids519 3 жыл бұрын

@tkdevlop 3 жыл бұрын

Good but easy said than done.

@books4739 5 ай бұрын

As long as there’s a contract stipulating the terms of the kindness.

@BLacknesmonstaz 3 жыл бұрын

Put in writing what each other will put in time wise also. Friend had a partnership and the partner never showed up to work... Just do it on your own.

@jennarohrig744 3 жыл бұрын

As a lawyer partnership is very messy

@pammccutcheon9648 3 жыл бұрын

You are 100% right with a partnership.

@BGreeneFlex 3 жыл бұрын

Literally the perfect video for my current situation.

@edhcb9359 3 жыл бұрын

College planning is a booming industry but I can’t of another line of business where customer expectations are more out of line with reality. Parents are going to expect to pay practically nothing for you to deliver a full ride scholarship to a top school for their B average child. No thanks!

@cincinnatislider 3 жыл бұрын

Dave is 100% correct.

@maverickjacksonexecutivedi7569 3 жыл бұрын

Brilliant advice 👏🏾👏🏾👏🏾 Thank you for sharing this conversation.

@anything896 3 жыл бұрын

Dave and Ken's advice is spot on.

@Robert74450 3 жыл бұрын

Most of the time someone walks off with it all somehow if it is successful and if it is not successful it is a mess and if you are not the someone to walk off with it the. You have a mess trust me I have zero percent in a company that earns between 400 and 700k per year because after putting in 100 plus percent for over twenty years partner walked off with it all now I am old with a mess

@Jdonaleshen 3 жыл бұрын

The most important factor is you have to be prepared to loose a friend.

@DavinR16 3 жыл бұрын

There was a person on shark tank who made something similar to this and it didn’t do well

@QuinnanScott 3 жыл бұрын

It’s better to use the bank as a business partner

@PorkRhyne 3 ай бұрын

Very good point! Use the bank capital to hire help and pay for equipment and advertising 👍🏾

@peanutbutterisfu 7 ай бұрын

In my experience it was a huge pain being in a partnership half the time you need to both be somewhere to do anything and the other half when stuff needs to be done that doesn’t require both the partner always has “something going on”. You might be the smarter businessman and say we need to by this because it will make us money then the other guy says no.

@rosamoreno4794 3 жыл бұрын

Written contract with clear expectations and duties and terms.

@ACDC4LIFE 3 жыл бұрын

That you won’t be friends in the near future ! 😂

@cubipoint1971 11 ай бұрын

Thanks Dave for the great advise.

@Painfulwhale360 2 жыл бұрын

My brother, dad and I are in a “partnership” together where we build these cool mobile bars.. and it’s going horrible wrong at almost every turn.

@shelchicago8997 2 жыл бұрын

The best advice I’ve found. Thank you

@alexusbenzin 3 жыл бұрын

Totally unrelated but Crazy enough I was missing home (Albuquerque, NM) and I click on this video.

@user-ep9gg5vt3g Ай бұрын

I wanted to start business with a friend but hes started not to answering calls, missing meetings it got down hill after, started to doing hes other side hustles and completly forgot about our business. After some time he just said he doesnt want to do a business with me at all. Never start business with a friend most of the time it will ruin your friendship.

@gradualuprisintheory 6 ай бұрын

Solid advise!

@N-Dizzy Жыл бұрын

Amazing advice!!! Thank you 👏👏👏

@user-hg8wm8fp3s 7 ай бұрын

there’s only three reason why you should have a business partnership 1. you don’t have enough funds. 2. You don’t know how to operate the business on your own. 3. You need the connections.

@metaltera86 4 ай бұрын

I have the opportunity to buy out my boss and co-own the company with a fellow co worker where I am currently employed. Me and my co worker have a good relationship but still puts a sour mouth just thinking about that

@ericallen371 3 жыл бұрын

Good general buissines advice. They both thought it was a bad idea, but it's good to go through the motions as young buissines men.

@djpuplex 3 жыл бұрын

These bubby businesses go sideways all the time, even if they structure it properly.

@alexlewis8143 3 жыл бұрын

The scholarship business is apply for them for the students

@takeastandorbeenslavedby-left 3 жыл бұрын

It will end the friendship

@monicadhenderson8670 3 жыл бұрын

Good Advise do joint adventure but make own money not partnership!!

@kittyearsheadbands8810 3 жыл бұрын

*venture

@speciosae 12 күн бұрын

Did this. Failed. Will never do it again.

@noobERNS_it 3 жыл бұрын

My dad is in a 50/50 partnership for nearly 20 years owing a restaurant and still going to this day. What I c they got going on appears to work very well for them imo.

@MyDadWorksAtMarcs 10 ай бұрын

Ask him what his key elements to success are

@Matt-cr4vv Жыл бұрын

I can’t think of ever doing this. I just think the downsides are way too high compared to the upsides. I wouldn’t want to risk my friendship for it really

@tonysoprano6265 3 жыл бұрын

So my dad had a partnership and they made a lot of $ and the guy took more $ than he should’ve and then was wanted to do more shady practices to make more $ and my dad wanted no part in that.

@mistwolf2429 10 ай бұрын

GET A CONTRACT SIGNED

@Zatchwen 3 жыл бұрын

Dave has a new shirt

@Je.rone_ 3 жыл бұрын

Yeah im not going in business with friends or family

@alinatamashevich3354 3 жыл бұрын

I am in a family business. We all have defined roles.

@MeshealGabrielJohnson Ай бұрын

How can this work better?

@thomasorchard 3 жыл бұрын

Let's ask Chris Hogan's opinion in this... oh wait... nevermind... 😥

@crossbowed 3 жыл бұрын

He got the boot because his wife stopped putting out. Very tragic.

@thomasorchard 3 жыл бұрын

@@crossbowed Wow really? That's a wife's job. That's a shame. How about Anthony O'Neal? Haven't seen him on the show in awhile.

@plants4thewin 3 жыл бұрын

I miss Chris

@thomasorchard 3 жыл бұрын

@@plants4thewin Me too

@alinatamashevich3354 3 жыл бұрын

Chris would throw a flag on this!

@alex182618 3 жыл бұрын

How come two guys created Robinhood? Were they partners?

@Tendertroll1 Жыл бұрын

Isn’t it still considered a partnership if the the other person takes a certain percentage of the profits as they mentioned

@SquidRider 3 жыл бұрын

... that it will fail.

@Robert74450 3 жыл бұрын

If you want to keep the friend don’t do it

@talyahr3302 3 жыл бұрын

Dave name starts with the letter D! RIP 😭😂

@GrumpyCat-mw5xl 3 жыл бұрын

Only thing u need to know is not do it

@TylerAndToast 2 жыл бұрын

If you're truly friends or family you'd put the friendship over whatever happens on the business side of things. Sadly there're few true friends out there. Never got the never do business with friends mentality.

@pede8889 2 ай бұрын

That makes no sense. Friendships don't make profit. A business is to make profit. Totally unrelatable.

@TylerAndToast 2 ай бұрын

@@pede8889 exactly. So are you friends or are you just trying to make money. If your friends or family are in your business there may be a situation where one has to choose one over the other because they both exist. Id hope money is lower in the priorities

@user-po9fr6jd6t 6 ай бұрын

i am in Kenya. I am looking for short term partnership with honest and focued person

@filenewopen Жыл бұрын

I sew clothing and want to hire an artists to work with me but unsure about business stuff

@user-po9fr6jd6t 7 ай бұрын

I am looking for short term partnership in a hotel business

@user-po9fr6jd6t 6 ай бұрын

I am also looking for the same. Looking an honest and focused short term partner

@ErnestoVazquezChoby1000 7 ай бұрын

Partnership sucks!!! They usually dont work. Invest in yourself instead

@mattyice_13 10 ай бұрын

I NEED HELP PLEASE LET ME SPEAK WITH YOU TO HAVE SOME PEICE OF MIND. My father died and left me 50 percent of a home he built with a friend. The house is currently with around 1.1 million and he is trying to give me a quarter of that stating by dad didnt pay bills ect. PLEASE IVE SPOKEN WITH SO MANY ATTORNEYS I AM SO CONFUSED I DONT EVEN KNOW WHERE TO START!

@gayhendrie84 3 жыл бұрын

Don't do it

@seanmiller8151 3 жыл бұрын

Dave should apply his rules of business partnership to marital partnership. 50% of marital partnerships end in divorce.

@scottgilbert1591 3 жыл бұрын

Contrary to secular teaching, a marriage is not a partnership.

@matthewwilliams9200 3 жыл бұрын

dont lol just dont unless your inventing something

@fuse911 2 жыл бұрын

Don’t do it. Never put money conversation with family or friends. Because they think that comes first before business but business comes first.

@cyu601 3 жыл бұрын

Don’t do it

@greentech2557 3 жыл бұрын

Sounds like a parasite concept of a business. Let’s charge students money they don’t have to apply for money that they need for school lol. Find a real business concept. Sounds like a couple of bottom feeders

@written2382 3 жыл бұрын

I think it's a great business idea. Most student's families are involved with their children’s college process, and most don't know where to start. People have to spend money to invest in themselves. Why do people have to offer their services and time for free? Grow up, Green.

@greentech2557 3 жыл бұрын

@@written2382 You think it’s a great business idea because you probably have no concept on building a successful business. Such a great idea, you want to know why it’s not a successful industry? Because schools offer these resources to students for free

@written2382 3 жыл бұрын

@@greentech2557 You're lazy to assume anything, especially about my business acumen. Schools have hundreds, if not thousands, of students graduating every year. I've sat through school presentations regarding their resources; they’re mediocre.

@Soljarag5 3 жыл бұрын

Horrible idea for a business

@written2382 3 жыл бұрын

Why?

@Soljarag5 3 жыл бұрын

@@written2382 courses or a book... Sure that's fine.... But as a business? I don't see a huge demand

@fyemusicplug6486 3 жыл бұрын

@@Soljarag5 u know how many people apply for college every year?

@Soljarag5 3 жыл бұрын

@@fyemusicplug6486 how many of those kids would be willing to pay enough to support a Business?

@fyemusicplug6486 3 жыл бұрын

@@Soljarag5 fam, I’m telling u firsthand… I’ve paid a lot, and I know too many kids whose parents paid a lot. Trust me on this one, it’s profitable.

@talyahr3302 3 жыл бұрын

As a lesbian, I'm glad to hear from Dave that it's good for me to avoid the D 😁😂

@plants4thewin 3 жыл бұрын

🤣

@JustinCase780 3 жыл бұрын

🤣🤣🤣

@fyemusicplug6486 3 жыл бұрын

“Say dat u a lesbian, girl me too” - Drake

@josephcoatofmanycolors 11 ай бұрын

Yo 😂😂😂😂

@Devillionaire 7 ай бұрын

So this guy wants you to PAY him to help you find money. You know there's already a whole slew of phone apps that help you peruse thousands of scholarships right? And many of them are free. There's also this thing called the internet where tons of info is also free. But sure... his business plan sounds like a winner! *eyeroll

@CestLaVie247 9 ай бұрын

I hate this. So never get a business partner? Seems like one of those, I did it, made money, but don't you do it.

@pede8889 2 ай бұрын

Working with someone on a planned joint venture is different than signing up with them as permanent part owners.

@todd2456 3 жыл бұрын

Is Pete awake or eating donuts?

@BMWaM3 3 жыл бұрын

This is all you need to know, its a huge mistake and you shouldn't do it. I did and got lucky I still have my friend and didnt go bankrupt in the process of shutting it down.