Announcement

Collapse
No announcement yet.

Having a 50/50 Business Partner

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Having a 50/50 Business Partner

    Does anyone have a business partner where all expenses are 50/50 and he/she grooms just like you do?

    I am not necessarily talking about a friend or relative being in business with you, I 'm talking about having another person who understands the business and grooms etc...

    Can two heads be better than one? I see lots of pros but can this really be a win/win situation? Cons?

  • #2
    My business partner and I met at grooming school. We are the same age. We learned how to groom the exact same way! The space we rent is in a pet store but we co-own the business. We work together and it works very well. All decisions are made by both of us! We have become great friends!!

    Comment


    • #3
      Im a 28 year veteran groomer. I can say this. I've seen it fall apart for several people. It can get quite nasty. In my opinion, if you can do it on your own(which you will be better off) then thats what you need to do. Start small, build yourself up..you do not need a partner. Talk to your attorney first. Always have a plan B if A fails. It works for some, but many it doesn't and not only will lose a partner, but maybe half your business and worse a good friend.

      Comment


      • #4
        It can be good, but it can be a nightmare.
        Pro’s
        Two people who do not draw as much of a salary.
        Two people who can groom and handle administrative issues.
        You both will have someone to relieve you for vacation’s etc.
        It can be very profitable and a great experience.
        Con’s
        You may have different work ethics. If you work 75% of the time or groom more does the partner get 50%? (usually yes)
        Partners may have different takes on how to run a shop. One may want to book only the dogs they can handle, the other may want to overbook and reap benefits.
        Who wins on problem issues/employees? What if one can’t stand an employee and the other disagrees? What products will you carry/use? What if one wants to spend profits on retail which never sells while the other partner is trying to keep their head above water?
        Credit issues-like a marriage partners are tied by financial issues. Your partner may not pay taxes etc. Major problem.

        The best idea is to have a corp., know your partner and seek legal assistance. Don’t enter into a partnership without these issues and more addressed. I have an excellent partner, but many are not that lucky! It can be a nightmare.

        Comment


        • #5
          I know two vets who were 50/50 partners and they built up a success clinic. After 6 years, they both got married and one's rich wife was getting involved in the business a lot. They had a huge disagreement about how to expanding/running their 50/50 clinic, and eventually fell apart. The one had the outstanding rich wife offered only a few peanuts to buy over the poor one's share, and since the poor one couldn't even offer the equal amont on table, the rich one had the business on his own.
          That last time when all of them met, the poor one's wife couldn't hold herself and asked the rich one's wife how could they only paid the money for a successful business that her husband worked so hard to build. The rich wife said : first of all, you guys didn't have that money to buy over our share. Second, there is a risk in life, if there is a fire tomorrow, we would own nothing and you still have the money.
          Believe or not, there were a fire in 6 months, but the rich one lost nothing, his rich wife bought insurance for the business.

          Comment

          Working...
          X