Looking for a partner

Status
Not open for further replies.
J

Jps1006

Member
Location
Northern IL
I think I want a business partner. How would you guys go about finding one? Is that something you could advertise for? Are ther personal ads for stuff like that? It really would be alot like a personal ad.

I can't help but think if I put a well written ad that conveyed my business philosophy and style, mixed with a little salesmanship, maybe some motivational stuff, that someone who has been thinking the same thing, but not knowing where to look might hopefully find it. Kind of seems like a shot in the dark though.

Any ideas?
 
LarryFine

LarryFine

Master Electrician Electric Contractor Richmond VA
Location
Henrico County, VA
Occupation
Electrical Contractor
Jps1006 said:
I think I want a business partner. How would you guys go about finding one? Is that something you could advertise for? Are ther personal ads for stuff like that? It really would be alot like a personal ad.
Click to expand...
If you're better at the business/estimating side and are looking for a partner who's better at the planning/building/wiring side, PM me.

Where are you located?
 
2

220/221

Senior Member
Location
AZ
You need to be the boss. Perhaps you could hire some one and have a profit sharing or bonouses. But, you need to be the boss.
Click to expand...

What if he is not a good "boss"?

A smart man knows his limitations.
 
Dolfan

Dolfan

Senior Member
ohm said:
A standalone business needs a Master/EC. Tricky business looking for a partner and as it was already stated it needs to be at least a 49/51 split.
Click to expand...

Plus, you have to ask yourself, do you really want to answer to anyone?
 
Curtis4President

Curtis4President

Member
Location
Near Seattle
480sparky said:
Personally (actually, professionaly), I wouldn't. I've heard it said that the only ship guaranteed to sink is a partnership.
Click to expand...

I have had a business partner for 3 years. It works to divide up the workload but you also divide the pie. One of the partners must be the go to boss for the employees. I think our is working out well but I believe we are the exception , not the rule. Plus when things get tuff ( as they are right now) its hard to keep busy and that leads to agression and blame. I dont think our partnership will last, which is why the quote is there. I think if you stay on your own and tuff it out youll be fine. My partner is talking these days about jumping ship and moving to Texas, so search real close if you decide to take one on. My partner was the J man who trained me, also a good friend for 10-11 years.

I think I agree, the only ship that sinks is PARTNERSHIP.

T:cool::cool:
 
iMuse97

iMuse97

Senior Member
Location
Chicagoland
I know several people in partnerships: my best friend (another building trade), my old boss (an EC), and my brothers-in-law (wife's 3 brothers who started a sanitation/refuse/recycling company). It is difficult for all of them in different ways.

The most important thing is: all the stuff must be written down before you start, so that if you need an exit plan for one or more partners, you know how it will go down. Business plans need to be made, etc, etc, and attorneys and CPAs consulted. Or Not.

Some things to consider, though I'm sure you already have. I've often thought along those same lines.
 
growler

growler

Senior Member
Location
Atlanta,GA
Jps1006 said:
I think I want a business partner. How would you guys go about finding one? Is that something you could advertise for? Are ther personal ads for stuff like that? It really would be alot like a personal ad.

I can't help but think if I put a well written ad that conveyed my business philosophy and style, mixed with a little salesmanship, maybe some motivational stuff, that someone who has been thinking the same thing, but not knowing where to look might hopefully find it. Kind of seems like a shot in the dark though.

Any ideas?
Click to expand...

I think the idea of getting a partner is a bad idea but if you need to find out the hard way then first decide what type of partner you are looking for.

If you are looking for a small time electrician that may also be looking for a similar situation then put up a notice at the local supply houses ( all electricians end up there sooner or later). People read those notices when waiting for materials because they are bored and can use a good laugh. Other than that a few will probably consider it and give you a call. Right now you can probably find all kinds of people looking for any sort of opportunity.

If you are looking for a possible business investor then take an add in the business section of your new paper.
 
J

Jps1006

Member
Location
Northern IL
I started in this business with my brother doing new homes 13 years ago. We hired a few guys and he worked in the field more and I in the office more. He grumbled about me not being on site enough and the pressure got to be stressful because we both had different ideas of what direction things should go and how we should get there. I gave him the business 1-1/2 years after, but we had done pretty well and were heading in a great direction.

Since then, he loves being a one man show and that's all he wants. I have had two attempts at growing, the first one I was an idiot. This last attempt was good except the market tanked and a promising GC relationship has fallen apart. I see opportunities out there, I just don't have the resources to grab them and still try to manage the minutia of the day to day. Unfortunately a big part of the problem is trying to get enough work to grow. It's hard to hire someone for that.

I'm married, so I know the pitfalls of partnership as well as the benefits. I have seen a lot of marriages fall apart as well as some great ones hold out. Most of the successful customers of mine are not lone wolfs in business. The ones that are don't live a balanced life. I have personally experienced the synergy of a partnership in business and other venues.

"Though one may be overpowered, two can defend themselves. A cord of three strands is not quickly broken." Ecclesiastes 4:12

Partnership itself may be more difficult, but I'm not looking for easier as much as I'm looking for better.
 
Last edited:
MarkyMarkNC

MarkyMarkNC

Senior Member
Location
Raleigh NC
The only business partnerships I have seen that worked out well were when one person was the business guy, and the other was the electrical guy. Every other electrical business I know of that was formed as a partnership either failed, or eventually split into competing entities.

This includes my own business. My first foray into contracting was with two other partners, and was closed down after three years, primarily due to the "too many chiefs, not enough indians" syndrome. If you do go into a partnership, be very clear from the get go on what happens if the partnership fails / dissolves.
 
C

charlietuna

Senior Member
My little league coach was an attorney--and i asked him about making me up a contract for having a business partner. His comments were " having a partner in business is worse than marriage contract and more likely to fail!" . Why do you think you need a partner?
 
Status
Not open for further replies.
Top