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 Post subject: Finding the right business partner and finding a fair share
PostPosted: Sat Jul 13, 2013 5:50 am 

Joined: Sun Jun 30, 2013 10:59 am
Posts: 4
I have started several companies. In each case I had a business partner or partners. We have experienced ups and downs, but on the long term, it did not work out so far. No doubt, I have learnt a lot but so far I cannot label any of my businesses successful.

The most important challenge I found so far was finding the right business partner or partners and sharing profits and decision making with them fairly.

In some cases there are employees that are loyal and do a much greater job than a business partner who gets not just a fixed salary but additional profits measured by his share. On the other hand you could motivate people by giving them a share instead of fixed salary. And what about friendships? In some cases it appeared to me that a friend wants more just because he dares, and he dares just because we are considered to be friends...

In summary, is there some best practices on recognizing the right business partner in advance? And is there are best practices on when it is best to give a share instead of just salary and when it is not.


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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Tue Jul 16, 2013 11:32 am 

Joined: Wed Feb 10, 2010 9:00 pm
Posts: 77
I would avoid partnerships at all costs. You can always come up with a creative salary + bonus structure that gives your employees an incentive to kick ass - bonus them on performance monthly or annually. But giving anybody a share of the company means giving up control. I'd be strongly against it.

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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Thu Aug 29, 2013 10:59 pm 

Joined: Fri Apr 05, 2013 2:30 am
Posts: 154
There are no such best practices which will help you in recognising the right business partners in advance. As Captain Awesome has said, it is always better to avoid partnerships. It is better to manage your business alone with the help of highly qualified employees rather than taking help of a partner.

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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Fri Aug 30, 2013 8:54 am 

Joined: Fri May 04, 2007 8:14 pm
Posts: 1560
Yes, business is riddled with bad business partnerships like Google, Hewlett-Packard, Apple, Twitter, Microsoft, Ben & Jerry's, eBay, Intel, Proctor and Gamble, and Yahoo.

Terrible failures, all of them.

One rule though. People who don't trust in partnerships probably wouldn't be trustworthy partners themselves, because their suspicious natures would color their business decisions.


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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Tue Sep 03, 2013 2:14 pm 

Joined: Wed Feb 10, 2010 9:00 pm
Posts: 77
VinTek wrote:
Yes, business is riddled with bad business partnerships like Google, Hewlett-Packard, Apple, Twitter, Microsoft, Ben & Jerry's, eBay, Intel, Proctor and Gamble, and Yahoo.


You can make all the fun you want, but my personal experience says otherwise.

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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Tue Sep 03, 2013 2:43 pm 

Joined: Fri May 04, 2007 8:14 pm
Posts: 1560
Captain Awesome wrote:
VinTek wrote:
Yes, business is riddled with bad business partnerships like Google, Hewlett-Packard, Apple, Twitter, Microsoft, Ben & Jerry's, eBay, Intel, Proctor and Gamble, and Yahoo.


You can make all the fun you want, but my personal experience says otherwise.

Maybe you just never found the right partner. I just listed the most famous partnerships, ones so famous that a person wouldn't have to look them up. There's a lot to be said for finding the right partner who complements your owns skills and shortcomings. You can say that I'm making fun but there is no denying that successful partnerships do exist outside of your personal experience.


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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Tue Sep 03, 2013 2:52 pm 

Joined: Wed Feb 10, 2010 9:00 pm
Posts: 77
VinTek wrote:
You can say that I'm making fun but there is no denying that successful partnerships do exist outside of your personal experience.


Well of course there are successful partnerships. But if somebody comes in and says "I've started several companies, all with partners, and none of them worked out in the long run", I'm only suggesting that maybe, just maybe, it's time to try things differently and say no to partnerships for this particular business model.

One definition of insanity is doing the same thing over and over again and expecting a different result. Perhaps it's time to try something different, that's all.

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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Tue Sep 03, 2013 4:57 pm 

Joined: Fri May 04, 2007 8:14 pm
Posts: 1560
Captain Awesome wrote:
VinTek wrote:
You can say that I'm making fun but there is no denying that successful partnerships do exist outside of your personal experience.

One definition of insanity is doing the same thing over and over again and expecting a different result. Perhaps it's time to try something different, that's all.

But that's not what you actually said.
Captain Awesome wrote:
I would avoid partnerships at all costs. You can always come up with a creative salary + bonus structure that gives your employees an incentive to kick ass - bonus them on performance monthly or annually. But giving anybody a share of the company means giving up control. I'd be strongly against it.

While I agree with your definition of insanity (actually, it's Einstein's definition), I wouldn't be so quick to dismiss partnerships out of hand. Perhaps he just needs to do something differently. After all, his original request was to ask for best practices in selecting a partner, not asking for an opinion as to whether partnerships were viable or not.


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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Tue Sep 03, 2013 10:26 pm 

Joined: Wed Feb 10, 2010 9:00 pm
Posts: 77
VinTek wrote:
I wouldn't be so quick to dismiss partnerships out of hand. Perhaps he just needs to do something differently. After all, his original request was to ask for best practices in selecting a partner, not asking for an opinion as to whether partnerships were viable or not.


Fair enough.

Cheers.

:clap:

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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Fri Sep 06, 2013 8:50 am 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1558
Location: Seattle, WA
VinTek wrote:
While I agree with your definition of insanity (actually, it's Einstein's definition),


Is it really? There's some debate about the source of that aphorism.


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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Fri Sep 06, 2013 9:54 pm 

Joined: Fri May 04, 2007 8:14 pm
Posts: 1560
stannius wrote:
VinTek wrote:
While I agree with your definition of insanity (actually, it's Einstein's definition),


Is it really? There's some debate about the source of that aphorism.

You may be right about that. I just grabbed it as a quote from http://www.brainyquote.com/quotes/quotes/a/alberteins133991.html. The attribution may well be apocryphal.


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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Thu Sep 12, 2013 11:50 am 

Joined: Tue Sep 10, 2013 7:11 am
Posts: 6
It is not that I am discouraging you. It is just that everything in the world of business cannot be trusted. Even yourself cannot be trusted in some cases so why find a partner that will do everything for you? It is hard to accept it but just do not do it with a partner. If you cannot really think of a way, then, at least, find a pretty solid leverage.

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 Post subject: Re: Finding the right business partner and finding a fair sh
PostPosted: Tue Oct 01, 2013 2:08 am 

Joined: Wed Sep 18, 2013 12:13 am
Posts: 9
A right business partner is necessary for running business well.Finding the right business partner is the basic requirement of any business whether,its small or big.Choose a right business partner with business skills.


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