How would you deal with my Buisiness partner??

fastfredracing · 09-25-2009, 01:21 PM

We are now waist deep in the rental house business. We have 5 units going at this time, and we are working on # 6. We have been doing this as a partnership for 3 years now, and some of the typical problems that arise in a partnership are starting to rear their ugly head.
There have probably been more than 10 times now, where there has been an issue which we have discussed, and we were not in agreement. Instead of working out the issues, he went ahead and did it his way.Now, I am not on a power trip, and it is not about who is right or wrong, but nearly every time he has done this, it has cost the company time and money.
I let the first few roll off, and scratched them up to experience, but it seems as if a pattern is forming. We had a little tiff yesterday on the phone, and we will be working together all weekend, so I want to clear the air between us, and move forward.
Just for the record, my partner is a good guy, brings it 100% to work with him and when he does stuff like this, he means well, but he cannot always see through the whole job to the end, and has been making expensive mistakes, and wasting both of our time.
I dont quite how to lay down the law with him. We have a good thing going, and generally , we work real well together, but this stuff is going to have to be nipped in the but, or we will have serious issues down the road

Heel n Toe · 09-25-2009, 01:28 PM

The next time something similar comes up and no agreement has been reached and you think he's probably going to go solo on you again, tell him, "Okay, if you do it your way and it costs us an extra $4-500 like I think it will, all that is on you... I'm not gonna take the hit any more."

TheMentat · TheMentat's Garage

easy... just flip a coin.

svandamme · svandamme's Garage

give the boy some Jimson Weed Tea, let him loose near a the local court house, at the same time you file a restraining order on the grounds that he's barking mad. After that, he's out of the picture, and you run the show.

jhynesrockmtn · 09-25-2009, 08:34 PM

The best way to end a friendship is to go into business together. Split the crap up, help each other out in the future on each others properties but don't continue forward with this as a partnership. It won't end well.

Heel n Toe · 09-25-2009, 09:43 PM

He didn't say this guy is his friend... just his business partner. Lots of people have business partnerships and find a way to make things work.

Tobra · Tobra's Garage

The money thing mentioned above maybe, you need to confront it sooner rather than later

jbryant · 09-26-2009, 06:34 AM

Most Partnerships that require sweat equity rarely work out, at least from what I have seen.
You should be looking for an exit strategy.

dad911 · 09-26-2009, 07:58 AM

Quote:

Originally Posted by jbryant

Most Partnerships that require sweat equity rarely work out, at least from what I have seen.
You should be looking for an exit strategy.

+1. I hope you have an exit plan in your partnership agreement, or I'll bet you will end up in court. BTDT.