Taking on a partner.....thoughts

[JDUpholstery]

I don't get that feeling about him, he seems, and I could be wrong, to be genuinely interested in teaching me and making this work....if nothing else I bought all of his stock and equipment...including a much needed 18" long arm machine. I called in a marker so I could afford it...hate going into debt, but couldn't pass up the price he set to buy basically the entire shop of equipment and stock.

he also brought up signing a no compete before I did, he knew my concern with him opening back up and said he would do that to set me at ease...earned a few points with that

[west coast]

It may be he wants to help. he may want o get back in the business or he may be looking to get your customer list and get back in the business. Watch out for any information about costs and your amounts invoiced or any money info however small it seems. I just spent the last ten years getting rid of a partner and now have the debt to prove it. Be very careful here, very careful. Get your spidey senses on full alert.

[kodydog]

Kody says that his boss uses more skilled employees to his advantage. On the other hand, I'll bet that Kody doesn't try to assume control.

I make suggestions once. Its up to the boss if he wants to run with them or not. I'm not pushy and rarely complain. I've been an employer myself a time or two. At the same time we go over each piece at the beginning of each project then he leaves me alone knowing the job will be done right. Cool thing is when he first hired me he gave me the key to the place and lets me open in the morning.

[baileyuph]

A guy with a strong ulterior motive in the business would not be selling his tools and be willing to sign a no compete clause is not likely to be up to more than just being involved in the business at a much slower pace.

I trust JD's judgement on this one.

What type of machine is the 18 inch arm, JD?  Those are handy in my business ( I have a longer arm than 18), I use it a lot for canvas work and door panel sewing on the old cars.  Once you get tools like that, makes you wonder how you got along without it. 

Good luck,
Doyle

[JDUpholstery]

Did not write the model number down, but it is a Singer and it is actually 20" throat I guess...have folks lined up to start moving equipment on tuesday of next week and I will get a picture of it. like I said there is more to the story, but it is of a personal nature for him and I wont post that here, so that information makes things easier to understand his thinking...Thanks everyone for the feedback, it did not go unheeded, which is why I quashed the partnership idea, but I definitely see working together as a plus. he will be paid percentage of labor on a per job basis, leaving my profits on materials and such my profits.

[crosjn]

As I read this thread I thought "No money, no tools, no business -- this guy is offering you *what* for a share of your business?"  I don't think you really are getting a partner because he can't share in the financial risks of the business - the worst partner in the world is a guy with no financial skin in the game.  Maybe he's a salesman with contacts in the design community, maybe an upholsterer with serious skills.  (Maybe both!)  But is it really a partner?  If you have a business, you have value and you need to be compensated for that existing value.  It doesn't sound like he's in a position to do that.

I second everything else that has already been said - particularly bring him in slowly (think contractor or employee).  Be honest about what your doing and why.

Jeff

[JDUpholstery]

the original "partnership" he would have been bringing all of his tools with him into the business...since we nixed that idea, I just went ahead and bought all the tools, and hiring as an upholsterer, it is done deal now, and thread is more or less null now...cant change anything anyways

[crosjn]

Congratulations on bringing in an experienced employee, getting a great deal on tools and avoiding any complications in ownership/partnership.  Sounds like a fantastic week!

Jeff

[Mike]

I dont knoe the rest of the story why he quit. But beware of any bad rep he may have   Perhaps he screwed some people snd lost buisness. And may bring a bad rap to you. Im probly wrong you did say he as eell like before.