I Need Some Help Here About A Business That A Freind Whats To Open

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Replied by Wanderer on topic Re: I Need Some Help Here About A Business That A Freind Whats To Open

Suggestion(s) ... You may want to consult and attorney or accountant. There may be a resource available at your University Extension Service related to small business planning and operations. Also possibly there is some form of economic authority in your area or even a bank where you could share your concerns and seek ideas and/or solutions. It is hard dealing with family and friends... Sometimes third party arms length knowledge helps you to keep your grip and find ideas you could utilize.:dumbfounded:
9 years 11 months ago #1

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Replied by Dobb on topic Re: I Need Some Help Here About A Business That A Freind Whats To Open

Hey KIEJON9
What happened to your friend and his business idea?
9 years 11 months ago #2

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Replied by Meya on topic Re: I Need Some Help Here About A Business That A Friend Whats To Open

the other person she partnered with got married and wanted to put her husband on the salon name and he wanted to put a barber shop in there.

***
10 years 5 months ago #3

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Replied by Espee on topic Re: Credit Card Questions

It's just so relaxing LOL. I have worked for Conrail/Norfolk Southern for almost 11 years now...and of those 11 years, 8 i have worked from 11pm to 7am. So while most people have their (home from work spend time with family run errands) time from say 4 or 5pm to 10 or 11pm. That time for me is from 7:30am till like 3pm. So when i go get my haircut at noon...im beat!!!! lol. Plus i go to Big League haircuts where they give those awesome massages!!!!!

Dude!!! Its hard not to doze off! HAHAHA :sleepy:
10 years 5 months ago #4

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Replied by hjm331 on topic Re: Credit Card Questions

Why?
10 years 5 months ago #5

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Replied by Espee on topic Re: Credit Card Questions

I fall asleep in the chair. :embarrassed:
10 years 5 months ago #6

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Replied by hjm331 on topic Re: Credit Card Questions

I talk to my barber about sports and makin' money, nothin' else. :laugh:
10 years 5 months ago #7

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Replied by Meya on topic Re: Credit Card Questions

Thanks you two!

I can totally understand how your barber feels. :laugh:
10 years 5 months ago #8

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Replied by lilFlame on topic Re: I Need Some Help Here About A Business That A Freind Whats To Open

From my own experience I would have to say that working in the same envirinment with a close friend, let alone entering into a business with them, is a recipe for disaster. However, should you decide to partner with the friend you are referring to, I would just like to make a few suggestions, as I have just recently entered into an-already existing business; I currently help run a moving business, and will also be part of a roofing company within the next month.

Similar to my own situation, you are still in the very early stages of development, and the first step in any business venture is to brainstorm every little thing you think of (this involves drawing up proposals and compiling information logs, and carefully editing these, to at least try to prevent the many problems associated with launching a business for which the owner/founder is unprepared.
From what I can tell, you seem to have motivation and drive.
Just remember one thing: if something in your life is truly meant for you (in employment, lasting friendships and other types of relationships, and etc...) it will most likely happen. Appreciate all the knowledge you have (already) gained and keep educating yourself on the different aspects of the business you decide to start up.
11 years 2 days ago #9

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Replied by hjm331 on topic Re: I Need Some Help Here About A Business That A Freind Whats To Open

I agree with Shark. I do not like working with a partner in the first place. I'd rather save my own money and wait a few years longer than have someone holding onto my money.
11 years 1 week ago #10

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Replied by shark6 on topic Re: I Need Some Help Here About A Business That A Freind Whats To Open

I don't have time to respond or to read all the other postings but from just your post, I see 2 serious red flags:

1. Partner has bad credit
2. Partner has a past bankruptcy
3. Partner has been too jail
4. You will be entering a business that you know nothing about.

1-3- serious red flags and one should always try to open up a business as a Corp, or 'S' corp or LLC- you never want everything in one person's name because you and you alone will be liable for all debts and actions

4. I have an advanced business degree and one of the first things we were taught is to not go in to business with something you know nothing about. IT is a recipe for disaster. You will be relying on the advice of someone who has not shown to have good money managing skills and 1/4 million dollars is alot ot put on theline in this economy.

Never mind the cost of fuel etc, I have to that most people will be using their own vehicles with the economy the way it is.

I will be back to post regarding this topic.

Follow you gut. I don't even know you or this person and I am seeing serious red flags.
11 years 1 week ago #11

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Replied by Meya on topic Re: I Need Some Help Here About A Business That A Freind Whats To Open

Nice posting Adicus!:white-flag:
11 years 2 weeks ago #12

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  • KIEJON9
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Replied by KIEJON9 on topic Re: I Need Some Help Here About A Business That A Freind Whats To Open

thank you for your input and I well not do any business with my friend

WOW! You must be the money tree everyone is looking for

11 years 2 weeks ago #13

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Replied by Adicus on topic Re: I Need Some Help Here About A Business That A Freind Whats To Open

WOW! You must be the money tree everyone is looking for.:laugh:

I have good qualified advise regarding your issue. NEVER have family nor friends join in on a venture unless they are "Silent Partners" and even with that I would carefully scrutinize.

Just like a bank, I look for industry experience, collateral, and liquid. If you friend cant provide at least a 50% investment towards the building of this endeavor and also put his livelihood and credit on the line, then why would you.

Look, I made the mistake by being a part of a restaurant venture years ago with all my friends; I ended doing everything and over extending my contractual obligations. The last straw was when I got a call from an employees wondering if they are going to be able to work today. My partners slept in from too much partying the night before and forgot about our group venture; I opened up and got everything going while they stumbled in sporadically. That evening I dissolved my involvement with them and provided them all with a copy of our original agreement with all the contingencies that we all agreed upon. 5 months later they closed down shop and we were out $15k we speak every now and then, but you can tell that things have changed between us all. Its a real shame, but I prefer to salvage a friendship by not working with them and the same rules apply for family.

Just my 2 cents.
11 years 2 weeks ago #14

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Replied by Rob72830 on topic Re: I Need Some Help Here About A Business That A Freind Whats To Open

Kiejon, I also say don't do it. If you really like the business plan, why not go alone and do it? Appears he wanted you to put up all the money for this business and he reap all the rewards. Partnerships are 50/50, not 90/10. Yeah, you would be better with a sole proprietership. Good luck.
11 years 2 weeks ago #15

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