Billionaire Partner

[SeanKelly]

So basically my buddy's dad is a billionaire movie producer and my buddy wants to partner with me on my new business. I've never partnered with anyone before, not even my own brother, but he is a smart/get it done type of guy and I've known him since 2nd grade and I think the network/connections he brings is invaluable. What are your opinions on this?

I'm worried about him trying to prove something to his dad and not telling him about the business right away which will hinder the networking benefits. Overall, I think these connections could really bring my business career to the next level.

 

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[Rawr]

Details?

 

[Gale4rc]

You would be dumb not to take the opportunity, at the very least it will put you on your feet so whatever your next project is, you can do it on your own pretty easily

 

[Vigilante]

I partnered with my best friend once. Nearly cost me the relationship.

I partnered with an investor once. Cost me my company.

I don't partner. With anyone. For any reason.

Most people on the forum may disagree. I will read the other responses with interest as I follow your story.

 

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[SeanKelly]

Details?

What would you need to know my friend?

 

[TopChef]

The only person I would partner up with is the friends dad. Not your friend himself.

As you already mentioned, your friend may have a different mindset for what the business would mean to him than you would have yourself. Someone trying to please dad won't have the fire in his belly that you would have, especially if this guy knows that eventually he will inherit millions. What that would mean to you is that you will be giving up a chunk of your company, and still have to do all of the work. The benefit of your friends dad providing networking is also theoretical. If your friends dad is in movies, his network may not be able to help you as much as you think.

You should read Thick Face Black Heart. If what you really want is your friends dad's network or start up money, then ask for this directly and offer a deal. Why should you drag along your friend in the deal if what you really want is access to his father? You can consider this guy as a partner if his dad was poor, and you would still want to partner up with him. Having said that I still would be reluctant to partner up with anyone, because you never know how someone will change once you start to get successful or start to struggle.

I think the best thing you can do is build up your company to a profitable point on your own, then approach the father. At this point you can cash out a portion of your stock and you will be in a better position to use what ever help his dad is offering.

 

[goodfella]

You know how rare it is to come across a billionaire? There's only like a thousand of them in the world.

 

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[Capital]

^ Nearly 1500, no?
Edit: 1426 (Forbes)

If you do partner, just remember that you're working with his son and not him. He's probably had a bunch of people who know his son attempt to talk business with him.

 

[paqman]

So basically my buddy's dad is a billionaire movie producer and my buddy wants to partner with me on my new business.

I've had partners, friends, investors.. But never 2 out of 3 together. If you cannot imagine success and viability without an individual, then sketch out the partnership. But if you doubt, for even one half of a second, don't do it. Go-getter or not, try to build a team instead of more hands in the kitty. Agree with keeping relations and transparency... (TopChef). I'd second the idea of asking for network, outreach, advice more than partnering. You could retain friendship and still have access to billionaire mentor/advice. But if the partnership sours, lose a friend and a billionaire...

 

[Get Right]

I would jump all over it....but with these parameters:

1. Request an initial meeting with your buddy and his dad to get his advice on your idea (thus making him aware)
2. Be prepared for this to be a total loss (money and time). However, put your friendship on a higher pedestal than money or time. If things start to go sour have upbeat conversations about it (Hey man, this thing sux - you can just have my part of the business if you think it can still work).
3. Have fun - this project appears to be more about experience and connections. Use those new tools on your next business(s).

 

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[DeletedUser2]

have you read my partnership worksheet?

look in the INSIDERS call thread to get to it. or PM me, if you dont have it.


it embodies alot of conversations you should have with a partner before doing it.