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Choosing a Business Partner: Please share your advice, tips, and warnings

by JoeMack
9 replies
Hello All...


Recently I posted a thread in the JV section of the Warrior Forum. For most of my IM "career", I have done things on my own. I have had my ups and downs, my successes and failures.

So I decided to change things up and find a business partner to work with. In y JV thread, I listed out all of my experience and talents, and asked potential business partners to do the same. I also broef explained what I wanted to do, although I also expressed that I am open to all ideas.

I am not looking for an employee. I am want someone that is a business owner or at least has the business owner mindset.

After posting the thread, I immediately got responses.

All total, I have about 25 responses from potential business partners that read my thread, and were interested enough to tell me more about themselves, and the direction they would like to go in.

I am truly overwhelmed by the response.

My questions to the Warrior Forum is: what should I be concerned with? What's the best possible way to work with a business partner on a success online venture? How do you handle who does what? How do you handle the splitting of compensation? Other things that I should be keeping in mind.


If you sent me a message and I haven't responded yet, please know that I will. Actually, if I haven[t responded to you, that's a good thing. The only people I really contacted were Warriors who I knew I wouldn't be working on a JV with.


Ideally, I would love to hear from people that have, or had, worked with a business partner in the past. Give me your success stories and nightmares.

Going at IM is definitely possible alone. Like I said, I have managed to do just fine on my own. I am just looking for ways to take my income to the next level, and working with a business partner may help me get there.

Thank you in advance for your feedback.

JoeMack
#advice #business #choosing #partner #share #tips #warnings
  • Profile picture of the author Meharis
    Originally Posted by JoeMack View Post

    Hello All...


    Recently I posted a thread in the JV section of the Warrior Forum. For most of my IM "career", I have done things on my own. I have had my ups and downs, my successes and failures.

    So I decided to change things up and find a business partner to work with. In y JV thread, I listed out all of my experience and talents, and asked potential business partners to do the same. I also broef explained what I wanted to do, although I also expressed that I am open to all ideas.

    I am not looking for an employee. I am want someone that is a business owner or at least has the business owner mindset.

    After posting the thread, I immediately got responses.

    All total, I have about 25 responses from potential business partners that read my thread, and were interested enough to tell me more about themselves, and the direction they would like to go in.

    I am truly overwhelmed by the response.

    My questions to the Warrior Forum is: what should I be concerned with? What's the best possible way to work with a business partner on a success online venture? How do you handle who does what? How do you handle the splitting of compensation? Other things that I should be keeping in mind.


    If you sent me a message and I haven't responded yet, please know that I will. Actually, if I haven[t responded to you, that's a good thing. The only people I really contacted were Warriors who I knew I wouldn't be working on a JV with.


    Ideally, I would love to hear from people that have, or had, worked with a business partner in the past. Give me your success stories and nightmares.

    Going at IM is definitely possible alone. Like I said, I have managed to do just fine on my own. I am just looking for ways to take my income to the next level, and working with a business partner may help me get there.

    Thank you in advance for your feedback.

    JoeMack
    JoeMack,

    I sent you PM about you questions. (Not offering JV)

    Meharis
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    • Profile picture of the author JoeMack
      Originally Posted by Meharis View Post

      JoeMack,

      I sent you PM about you questions. (Not offering JV)

      Meharis
      I don't show any PM in my inbox. Can you re-send?

      JoeMack
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      • Profile picture of the author Meharis
        Originally Posted by JoeMack View Post

        I don't show any PM in my inbox. Can you re-send?

        JoeMack

        I'm sorry. My thinking and typing wasn't fast enough.

        Meharis
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  • Profile picture of the author ChrisDouthit
    I would be very skeptical about finding a business partner who you did not know. I know people who have had success at this, but I have not. I tried it a couple of times and both people I was going to partner with just did not do the work they said they were going to do.

    I cannot say I really had a nightmare, I realized pretty quick it was not going to work out in each case and just cut ties. But it did cost me a far amount of time and a little bit of money in one of the cases.

    My recommendation is to just be on your toes at first and make sure your chosen partner actually is able to deliver on their claims from the start. If they don't at the start they will likely not later.
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  • Profile picture of the author travlinguy
    There's only ONE reason to EVER seek out a partner. That is that the partner brings something to the table that you don't have. That's it.
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    • Profile picture of the author onegoodman
      Originally Posted by travlinguy View Post

      There's only ONE reason to EVER seek out a partner. That is that the partner brings something to the table that you don't have. That's it.

      I agree with travlinguy, the purpose of bringing new partner is to find someone who can bring something new to the table, something that would help you business grow.

      It is always better to have someone with good background about your business and passion about doing what you are into.

      I would start by interviewing them ( chat with them on skype, find out what they currently doing, and what attract them to work with you ).

      If you ended as partners, where do you see this business going ?

      You need someone who share your vision for the business, otherwise, it doesn't matter how skillful, or passionate is that partner, you guys wouldn't be able to go so far.

      One more thing worth looking at. Did he/she had a partner before ? if so, how did that partnership ended

      and good luck with your JV
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  • Profile picture of the author Willie Crawford
    I would spell everything about the relationship out in an agreement:
    - When the partnership begins
    - When and how it ends
    - Who handles the money
    - Who keeps the record
    - What tasks each party performs
    - Compensation for each party
    - How disputes will be settled... i.e., binding arbitration and MY state
    - What laws apply (what jurisdiction)
    - Tax considerations

    I'd also look at forming a legal entity depending upon the magnitude
    of the deal (LLC, etc.)

    I would make sure that the other person has the background/skills
    and personality to fill their role. I'd look at previous projects they've
    been a part of.

    If anything at all made me uneasy about the person, I'd trust my
    intuition and say no.

    That's just me. I've had more bad partnerships than good, and so now
    I'm VERY careful getting into them :-)

    Willie
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  • Profile picture of the author clever7
    I once had a business partner who was very nice in the beginning, but he changed his behavior later. In the beginning he was only trying to be trusted… I never tried to have a business partner again. Many people are OK only in the beginning.

    I’ve also learned many real stories about dangerous business partners and sneaky ‘trusted’ employees in the offline world. I’m afraid to depend on someone else, even though I was very lucky with my employees when I had an offline store.

    If you’ll be lucky you may find good people, but this is rare.








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  • Profile picture of the author BigMike56
    Just know that you will be essentially MARRIED to your partner. His problems are your problems.

    If he or she likes to gamble, drink, have issues with their spouse, etc., all of those things will eventually get in the way of business.

    Also, if either of you do something that's unsavory, then it's just like BOTH of you did it - you are partners, and the offended party will look at both of you as offenders, even if you personally had nothing to do with the issue.

    I've been through this a couple of times. In one instance I even tried to step in and help a family situation - for the sake of the business. Big mistake.

    And this guy IS TALENTED AS CRAP! But he had way too many vices and far too much going on at home to be a good business partner. Lesson learned.

    Vet these guys with a fine-toothed comb.
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