Do Partnerships Really Work? Opinions?

[GraphicsGuy]

Thought it would be interesting to hear about people that start businesses with partners, does the partnership last?

I've seen best of friends turn into enemies from disagreements over decisions, money, work ethic.

I see a lot of people looking for partnerships here, is it better to do it yourself?

JB

[axeray]

They work if done correctly.

It's best practice to discuss every aspect of the business with your partner and to put as much detail as possible into a partnership agreement so if issues do occur you have the agreement to fall back on.

[ashleyg]

Partnership is a marriage of sort - same business goals, same vision, complementary skills and experiences. What you lack your partner fills in the gap. What he lacks you fill in the gap. If you do not partner with your friend just because he has the money you need for funding even if he doesn't share the same passion then you're good to go. Most importantly, you should have a partnership agreement written and signed that outlines every detail including exit strategy.

[Gopal Dev]

It is very tough to mix business and friendship. However, if both parties are mature enough to do whatever is best for the business and complement one another in good and bad times, it is possible for a partnership to exist and thrive. Just make sure that everything is done using inron-clad contracts and document everything financial. These will act as deterrants to arguments and also keep everything running smoothly. Best,

Gopal (The Musical Mad Scientist and Entrepreneur)
The v-Fusion Group

[frankie.fu]

if you get a bad partener, without doubt, your business would failed,

if you get a good one, still can not guarantee your business would suceed.

[nickhumph]

Never do it with a friend.

[RLorenzen]

This is pretty straight forward. 1) Partnerships work if you make them work. 2) Never partner with friends. Simple enough.

[BusinessAdviser]

Aw, I don't agree to never do business with a friend. Rather, make sure that you have a detailed, comprehensive written agreement. That's the problem, not in doing business with a friend. When it's not a friend, we're more cautious about such an agreement, but with friends we all to often think that we can just "figure it out." Have no worries entering a business with a friend, but make sure it's all out there on the table. In fact, I'd actually prefer to partner with a friend since I understand and know more about my partner more than if it were someone else.

[Jay Brass]

I've been through countless partnerships and now that I have the things to remember in my mind, I always get them to go well.

What most people don't think about when they create a partnership is the cost of the other partner. They get paid too, and you always want to make sure you're not losing money because of their demands. I always try to split the profit up either 50/50 or 40/60 depending on which partner put in more work. Others will agree with that, some won't, but that's what's worked for me.

[Fanatik]

Larry Page and Sergey Brin. Need I say more?
Hell yes they work - if you're mature enough for it. So long as you write up the partnership agreements, you'll be fine. Cover your bases, know and understand your strengths/weaknesses, etc. Do what feels right for your situation.

[mthomas]

As long as both friends are passionate about the business itself (not the monetary prospects), and both friends are mature, a partnership shouldn't create an issue.

My first business was a partnership with a close friend, we ended up closing the business (totally unrelated to partnership issues) with our friendship intact. Execution, understanding and a well thought out and mutually beneficial partnership agreement is a must for any partnership to work out.

Other than that, partnerships (I'm assuming corporate 50/50 shareholders count in this category) can be extremely useful if you both possess different but vitally important talents (or assets) for your business' survival at the early stages before you hire anyone.