MidwestLandlord
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- Dec 6, 2016
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As @G-Man said, you're 16. Too young for a partnership for sure. Definitely lay the foundation in your life NOW to excel at whatever it is you decide to do, but ultimately you're still 16.
But to answer your question:
1st business: No partner. Only went out of business because I chose to.
2nd: Had multiple partners. Big net income, split too many ways. I sold out my stake.
3rd: Had a partner. I did all the work because he got sick. We went broke.
4th: Had a partner. This worked OK, but the business ended up just being a full time job. We sold out when we got sick of it.
5th: Current business. Have a partner. I work 60+ hours a week, he works 5 hours a week. He's old and tired. I'm pushing him to sell to a competitor, because he is running us into the ground refusing to scale.
6th: Current fastlane project. No partner, replaces about 65% of my annual expenses and I don't have to share that income with anyone haha.
It's like getting married. Even with a pre-nup that protects you, that doesn't mean the relationship won't go sour. You can write partnership agreements that make it very hard to break up the partnership, or agreements that make it very easy to break up the partnership. Which one really makes any sense? Either way, you lose control because it's either exceptionally difficult to get out of the deal if you want to, or your partner can just push the big red button and nuke the whole business on a whim.
I'm done with partnerships.
I hope my rant helped you for future decision making. Take "control" seriously, it can make or break you.
But to answer your question:
1st business: No partner. Only went out of business because I chose to.
2nd: Had multiple partners. Big net income, split too many ways. I sold out my stake.
3rd: Had a partner. I did all the work because he got sick. We went broke.
4th: Had a partner. This worked OK, but the business ended up just being a full time job. We sold out when we got sick of it.
5th: Current business. Have a partner. I work 60+ hours a week, he works 5 hours a week. He's old and tired. I'm pushing him to sell to a competitor, because he is running us into the ground refusing to scale.
6th: Current fastlane project. No partner, replaces about 65% of my annual expenses and I don't have to share that income with anyone haha.
It's like getting married. Even with a pre-nup that protects you, that doesn't mean the relationship won't go sour. You can write partnership agreements that make it very hard to break up the partnership, or agreements that make it very easy to break up the partnership. Which one really makes any sense? Either way, you lose control because it's either exceptionally difficult to get out of the deal if you want to, or your partner can just push the big red button and nuke the whole business on a whim.
I'm done with partnerships.
I hope my rant helped you for future decision making. Take "control" seriously, it can make or break you.