What are your experiences in entering into partnership with people. Would you go into partnership again?

To set the ball rolling, I co-founded an Embedded Systems firm as the Business Development Officer (BDO) with another person (engineer)who was to function as the Chief Technology Officer (CTO). God gave me some great initiatives and we were able to get an office at Iyana Ipaja through a friend of mine. My partner was putting personal interests ahead of the firm's and eventually the soft loan which I personally sourced in my name from family and friends became a personal debt when the firm collapsed. I will be very, very careful and hesitant in going into partnership again, no matter what I stand to gain.

The most important thing is documentation. There must be a partnership deed and agreement that is legally binding. Not only in case the business collapses, but also helps when business grows so as not to have issues with ownership and equity in the buisness. Partnership is good when it involves the right person.

We had a deed! I drafted it and he agreed to it. You won't know who is good until money is involved. The IT firm where I was once a Biz. Dev. Manager fell apart due to d greed of a partner who has since 'ran down' in his other pursuits. The other guy is now a big boy, though now offering only web services as against about five in the partnership.

Pls let's contribute to this important issue so that upcoming entrepreneurs can learn from us.

Would u go into partnership again?

Just went into partnership with a friend; hoping it goes well.

I prefer sole proprietorship, work at my own terms and pace.

Brb...

[size=16pt] I'm Having A Big Problem Wiv Who To Trust.. And I Really Wanna Do A Biz Dat I 'll Need 2 or More Ppl To Run It Wit! In Nigeria, Partnership Thang Is Not The Typa Biz U Can Rush In To!!

For Me? No Experience So Far... Coz Of TRUST! [/size]

I am seeking for a partner who is self motivated like me and who doesn't look at the gains of now but to futuristic gains. Until then am still sole but seeking for a passionate partner.

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Anybody you tell to enter partnership with you, the first thing they ask is "how much will i get? " because they dont understand what partnership is all about yet. People need to understand. And know all that it entails and the type of partnership to engage into. Trust is a key prerequisite

I personally had a bad experience. Still hurting me badly whenever I remember it. But that shouldn't stop one. Got some good info reading this article.>> New Business: To Partner or not to Partner with Others

Omerian Consult: What are your experien[b][/b]ces in entering into partnership with people. Would you go into partnership again?

To set the ball rolling, I co-founded an Embedded Systems firm as the Business Development Officer (BDO) with another person (engineer)who was to function as the Chief Technology Officer (CTO). God gave me some great initiatives and we were able to get an office at Iyana Ipaja through a friend of mine. My partner was putting personal interests ahead of the firm's and eventually the soft loan which I personally sourced in my name from family and friends became a personal debt when the firm collapsed. I will be very, very careful and hesitant in going into partnership again, no matter what I stand to gain.

had a terrible experience. Had to do with oil lifting blah blah. Said guy absconded n left the country after posting us for so long. Long story short, im not sure i want to go into it ever again. Trust is a virtue extremely rare to find these days and if you think you've found a trustworthy person cos u met him/her in a mosque/church - you are OYO.

In Nigeria, don't risk your life by going into any partnership without a lawyer and making sure you sign an MoU and your sharing formula is clearly defined in the MoU. Because, greedy partners can kill to take over the entire business.
And don't fail to report every threat to the police.

One important advice I got from a financial adviser/mentor about partnership is: DON'T DARE!!!

In Nigeria, the issues involved include but not limited to:

1. In the beginning, everything may be going well...but there is no long term good outlook.
2. If the business fails, you lose.
3. If the business progresses..how do you pull out if there exist inevitable conflicts?
Parting ways may be on sour note and in some cases deadly. For single guys/girls, it may
be a lot easier. But married partners may find out that instead of two people making decisions,
it becomes four people or three people (if one partner is still single)....disaster waiting to happen!

4. Interests may not be permanent and come with challenges
5. Most Nigeria business owners partners are constantly figuring out ways to con outsmart
customers/partners...a trial will convince you.

..and the issues go on....

Brand_new: The most important thing is documentation. There must be a partnership deed and agreement that is legally binding. Not only in case the business collapses, but also helps when business grows so as not to have issues with ownership and equity in the buisness. Partnership is good when it involves the right person.

thank u Sir!!!
I tell u, if i'm going into bizinez evn wit ma kid bro, we gotta pen it down!!!

Brand_new: The most important thing is documentation. There must be a partnership deed and agreement that is legally binding. Not only in case the business collapses, but also helps when business grows so as not to have issues with ownership and equity in the buisness. Partnership is good when it involves the right person.

There's nothing like the right person. Proper documentation, definition of roles and accurate outlining of the processes is key. An ample business plan should suffice. What we see in naija is dat pple start a partnership biz with sentiments and assumptions. Not healthy.

I dont know of other countries but in nigeria,its a No No.If your partner does not cheat you,then your lucky.And if the business now includes children from both sides,big wahala and eternal enemity.

The main thing is documentation after which ur free. Let a lawyer state everything needed including death of a partner And a well spelt MOU.

Getting into partnership is a bit tricky. I would say if u can raise the initial start up capital alone and manage the other demands, it should be better to go alone and hire whatever skilled hand you require. sometimes, partnership is shared risk, maybe enhanced decision making process and maybe better decision. Those are the merits. well, going into business with another, you should check if you are both compartible. Most entrepreneurs are risk takers and positive in disposition. But you might be hooking up with a pessimistic person who scores low on taking risk. The partnership won't last. ok. I should add that it is not usually the other person who breaks the law. It could be you. so, put up an MOU, a contract, anything that should get you focused. I think no match is made in heaven and no partnership lasts forever, so it always better to include exit and winding up clause in the agreement. what I am saying is make every agreement as formal as possible to get the demon in both of you under control.
my experience: I entered into partnership with a long time friend but cos we didn't hit the figure on the mark,even though we still made profit on our first order, he pulled out his money. As a result, the biz died.
If you ask me, don't do partnership if you can manage alone. My other biz is still thriving and going bigger because I weathered the storm and persevered through it when it was tough. I don't think another person would have been able to stand with me (except my wife maybe) I am not a prophet of doom, but the stat. says more 50% (mildly)of all start up fails in their first year. if you go the partnership way, the odds just doudled against you. I told someome some time ago to hold on before going into partnership, he didn't listen , after 6 months he finally told me it was a disaster.

Partnership business is a type of business meant for the hard hearted,never go into it if u are soft minded. Went into one last year,had to pull out,cos the other two guys were just out to make profit alone,I was saddled with running the business solely. It was a clear case of monkey dey work,baboon dey chop.

A great partnership business is built on TRUST!! Please don't work with someone who you don't trust even if the person is the only option you have.

Try and still do things on your own until you get a cofounder or have the funds to hire. And if you're to go into partnership business please structure everything out by signing a Pre-Nuptial Agreement or any other agreement that will avoid conflict or damage the business. In the agreement sheet or form, make sure you state things like; who owns the highest shares, who is the final decision maker, who can fire who, etc. Try to get your lawyer involve when doing this.

If you have enough funds, you can hire people to work for you and I guess that will make things easy because you can fire your employee at anytime but it's hard to fire your cofounder or partner. But as long as there's agreement between you and ur biz partners things will work out fine.

Hope this helps.

P:S Buh I dey fear for naija partnership biz ohh, even tho am still looking for awesome people to join my team. I blogged about the kind of people I want to work with here: buildtheteam..com

Don't ever try partnership especially in the nigerian setting, it hardly suceeds. I tried it with someone, via an oil supply business, d 1st deal took months before we could see d end of it, at that point, I made up my mind to pull out my funds, since I was the financier, and that was where the problems started. I kept on hearing stupid and wicked excuses that d man who had collected the money had gone for fibroid operation and that fuel subsidy removal had affected the business.it took me close to 1yr to recover some of the money, and even now the balance is as good as bad debt.

You can imagine when someone you are trying to help tells you that the profit you made from the 1st transaction would be deducted from the balance he is owing you. Wickedness in the minds of men, he evn went ahead to send threat texts to my parents on top of my money.

Its best one runs his own business alone, am about starting operations in a few months time with my newly incorporated company, I would run it alone and never with anybody who comes like a beggar in sheeps clothing, but with demonic intents in mind. I believe god's wrath is already in effect in the concerned person's life.

Partnership can be a great way of achieving your business goals and developing real life skills.
Apart from the issue of trust, most Nigerians take business partnership like a personal business.
You can increase the chances of success if the partnership is run like a true business. People get
emotional and get carried away by the immediate events and fail to critically assess every/ any possible
issues, challenges, barriers, problems, loopholes, and opportunities.
The would-be partners should deliberate and agree on a "working document or rules of engagement" and get it
signed and notarized by an attorney (lawyer).
Most business partnerships fail because people refused to think about what the future may throw at them.
Life is a curve, so is running a business.

Partner ke, I be one man Mopol

I didn't have a sweet experience. I had two partners, nice office, business was going well. But everyone is the boss, no one is higher than no one and we had problems of whose ideas we'll stick to. Again, everyone was taking from the company's money to solve financial worries. We borrowed from the company until there was nothing left and we ended up in debt till this day. We were not receiving salaries, we were taking from the income as they came. I learnt the most important lessons in business and life from them.

Presently in one, though gradually implementing my exit strategy. Apart from the Legal issues that should be in place. One should also ensure;
1.That you understand where the interest of your partner lies in the business. This should guide your decision making on the business.
2. Let all matters relating to the business be completely official, no sentiments & all partners should be on salary.
3. All partners must have active roles that affects the daily running of the business. Never be the partner with the least knowledge on the daily running of the business.
4. Ensure that you are a signatory to the account. Never let cash skip your table particularly for starters.
5. Always make yourself central to the progress of the business, the day you start being irrelevant in the business is the day you start loosing it.
6. You cannot successfully manage your business with someone you don't know, like and trust. If this is not present, please forget it and run the business alone.
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I once went into patnership in the north with a friend. I was sole financier to the last drop. Even bottled water we drank the whole time never had his 1naira in it.
It was costly cos he was more like the interpreter. I was intelligent enuf to read their facial expressions and gestures. He was always inflating my bills, buying android phn while i stuck to my lousy dual sim phn. I learnt a little hausa to make me get by and got my freedom frm my pal/ripper. Patnership is NO for me.