A Word of Advice for my fellow YEs

[Cognition]

Let me say from personal experience, that you really need to assess your potential business partner/venture associate as best you can. This would include a character assesment, experience, etc.

I emphasize character assesment. Check out Facebook and Myspace to see what kind of personality you're dealing with behind "closed doors". Have you been introduced to that facet of the person?

Last note - If you have a "business partner" that intentionally avoids consistent communication, then they obviously have a DISREGARD for your intelligence and think lowly of you as a person.

Get rid of them, quickly!

[criniit]

Having problems cdallen?

[Cognition]

No. I just posted this information so that individuals here on YE won't have to go through what I did recently.

[dfveteran]

No. I just posted this information so that individuals here on YE won't have to go through what I did recently.

Thanks for the advice.I just took on a little business venture with someone from YE.So far so good,they are very nice and seem to be who I want to work with so far.
I read your column and will take the advice given.
The best way you can run your business; is not to make the same mistakes others have made.Listen to the ones who have experience,learn from thier mistakes.You will make less mistakes & in the long run, your company will be a little more successful.The more formulas for failure you can cut out or your business practices,the more likely your business will succeed.
I love to listen to other successful businessperson mistakes.Not because they got screwed over or think its funny.But because it really helps me avoid the same bumps in that hard business road.
Thanks for the tips.Picking the right business partrner is very important.

[Cole Taylor]

Last note - If you have a "business partner" that intentionally avoids consistent communication, then they obviously have a DISREGARD for your intelligence and think lowly of you as a person.Get rid of them, quickly!

I agree with your overall sentiment, but I wouldnt assume that because someone avoids communication they disregard anything about you as a person. It's a character flaw that you, as a partner, found out about too late.

They say a partnership is like a marriage. You better know they person you're getting married to. I will add that a person considering a business partner should avoid an equal percentage, or equity split. You will regret it one day, even if you and your partner see eye to eye on most things. There will come a time when you two are in a stalemate situation. An general partnership is an entity that you should avoid.

Also, regardless of legal structure, you need to think about the eventual "breakup." Lets say you and a partner set up a company that's an eventual success. Now your partner wishes to move on to bigger and better things. Do they continue to recieve an equal share of the profits? Is there a buyout clause? Is their ownership transferable to anyone they desire or does the person have to be approved by all other members?

Simply things that need to be thought out and addressed before going into business with someone.

[Cognition]

I agree with your overall sentiment, but I wouldnt assume that because someone avoids communication they disregard anything about you as a person. It's a character flaw that you, as a partner, found out about too late.

Wait just a second Mr. Business Advice.

The lack of communication I was referring to occurs after a significant time period. When you have a business "partner" who suddenly doesn't answer phone calls, emails, and after checking up on their other [social] life, it becomes overwhelmingly obvious that any venture the two of you are planning and/or developing as become less than important to them.

An general partnership is an entity that you should avoid.

Any person that doesn't know this basic tenent of entrepreneurship probably shouldn't be in business to begin with.

Also, regardless of legal structure, you need to think about the eventual "breakup." Lets say you and a partner set up a company that's an eventual success. Now your partner wishes to move on to bigger and better things. Do they continue to recieve an equal share of the profits? Is there a buyout clause? Is their ownership transferable to anyone they desire or does the person have to be approved by all other members?

Concerns all addressed in the articles of incorporation or operating agreement.

[Cole Taylor]

CD Allen: For one, I dont like the overall tone of your response. Second, I dont know why you took offense to something I said, perhaps it's one of those character flaws?

Third, just because you think you know it all doesnt mean others do. Newsflash: you are not the only person on this board.

It's arrogant, presumptuous little pricks like yourself that keep anyone with any real input off this board. I guess you know that in all of your infinate wisdom though..at what the ripe old age of 21?

Give me a fucking break.

[Cognition]

CD Allen: For one, I dont like the overall tone of your response.

My "overall tone"? What do you mean? Could you tell me what I said to make you say this?

Second, I dont know why you took offense to something I said, perhaps it's one of those character flaws?

No offense taken, my friend. Again, please refer to the former as to why you accuse me of taking offense.

Third, just because you think you know it all doesnt mean others do. Newsflash: you are not the only person on this board.

I know for a fact that I don't know everything. That's why I come to this board because of the fact that I don't know everything.

It's arrogant, presumptuous little pricks like yourself that keep anyone with any real input off this board. I guess you know that in all of your infinate wisdom though..at what the ripe old age of 21?

I really wish we had more people to contribute valuable information on this board. But they are few and far between.

As far as being arrogant and "presumptuous" - I will have to say I disagree with you on that.

Give me a fucking break.

No need for that type of language my friend.