Now you want to start a business and you want to start it with friends and family. There are a lot of positives and negatives about this, and I tell you from personal experience if you are starting a company or getting into a company your partners should be chosen or selected with such precision of a sniper.
In one of my companies I am partnered up with two other owners and we have a lot of positives and few negatives. We are all good at something and we handle parts of the company, we all have good communication and etc. But let's jump into the the unseen negatives I wish I knew before, because this for me would change 1 partner lol. Here's a few of them for you all that I should have asked.
How are their personal finances and family structure going before the company starts?
How much time per week can you 100% dedicate toward this business?
This one you can't really ask , it's more of a time of how long you been around them.
3.a Do your feelings get hurt easily?
3.b. Do you impose your religious views on people at every group conversation?
3.c. It's a race there fault and not mine at all.(just blaming others first)
So those are the biggest problems I get out of my partners, but I made this post for all of you. Here is a list of questions you should ask when starting a business with other people. This is my own list and the order doesn't so much matter long as these are asked.
Do you have or do you plan to be divorce coming up?
Can you provide funds of "XYZ" every "ABC" for the business?
How much time do you have for this business?
What skills can you give to the business?
What kind of partner are you?
Do you easily get your feelings hurt or are you very emotional person?
When the company gets to this "_______" level of success or money can we stick to this or that plan(s)?
Do you have any Legal or court hearings happening to you that will affect the business?
Is our goal to go public or strictly stay private with this company?
Paying the company first before we can get paid or eat, is that OK or good with you?
Now these are a few very important questions your should ask your future partner(s). Now you will find out their is a dark side to people and when money starts rolling in, either small or large many many people can change and drive the company in a different direction which has happened to me many of times. So please beware that people have their own personal motives, hence the joker picture below.
Now if I missed anything please leave a comment below telling us your thoughts about getting partners.
Good Luck..... c
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I am only telling you what I am doing not encouraging or telling you what to do. You decide what to do with your own funds.