What Do I Need To Know Before Starting a Partnership with a Friend?

I NEED HELP PLEASE LET ME SPEAK WITH YOU TO HAVE SOME PEICE OF MIND. My father died and left me 50 percent of a home he built with a friend. The house is currently with around 1.1 million and he is trying to give me a quarter of that stating by dad didnt pay bills ect. PLEASE IVE SPOKEN WITH SO MANY ATTORNEYS I AM SO CONFUSED I DONT EVEN KNOW WHERE TO START!

GET A CONTRACT SIGNED

Thanks Dave for the great advise.

I can’t think of ever doing this. I just think the downsides are way too high compared to the upsides. I wouldn’t want to risk my friendship for it really

I sew clothing and want to hire an artists to work with me but unsure about business stuff

Amazing advice!!! Thank you 👏👏👏

Isn’t it still considered a partnership if the the other person takes a certain percentage of the profits as they mentioned

The best advice I’ve found. Thank you

My brother, dad and I are in a “partnership” together where we build these cool mobile bars.. and it’s going horrible wrong at almost every turn.

I am SO glad I watched this. What really spoke to me was do a joint venture NOT a full partnership. Makes perfect sense. Thanks Dave!

Don’t do it. Never put money conversation with family or friends. Because they think that comes first before business but business comes first.

If you're truly friends or family you'd put the friendship over whatever happens on the business side of things. Sadly there're few true friends out there. Never got the never do business with friends mentality.

I feel that it can work if you have clear goals and expectations before you work. Also you need to communicate all of the time.

My dad is in a 50/50 partnership for nearly 20 years owing a restaurant and still going to this day. What I c they got going on appears to work very well for them imo.

So my dad had a partnership and they made a lot of $ and the guy took more $ than he should’ve and then was wanted to do more shady practices to make more $ and my dad wanted no part in that.

Don’t do it

Dave has a new shirt

Flop.

One of the best mentors I've ever had in my life. I just bought the total money makeover and am waiting on delivery. What a blessing this man is.

If you want to keep the friend don’t do it

How come two guys created Robinhood? Were they partners?

Lol "Its mythology, its a lie" said the Christian 🤣😂

Dave and Ken's advice is spot on.

dont lol just dont unless your inventing something

Generally, it's a dumb idea to go in business with family or friends.

I got lucky. Years ago I started a lawn care service. We were both honest with each other and put full effort into it. I handled maintenance/repairs, he handled billing and paperwork, his wife handled schedules and phone calls. We did very well. But as you get older, that kind of work gets difficult and it was a mutual decision to stop. We are still great friends.

The most important factor is you have to be prepared to loose a friend.

Dave, I can attest to what you've said is TRUTH! I bought her a brand new laptop computer to use in the business. The ONLY thing she used that laptop for was to play games! My 'partner' turned out to be nothing but a taker, without providing anything at all. NEVER AGAIN!!

I know of a successful partnership and I know of many unsuccessful partnerships. Bottom line, if you can do it yourself... do it. When I was very young I came up with an idea and me and my best friend started a business... from their it went down hill. The company (the idea was that good) actually survived and my friends mom made a career from it. I personally have no resentment.

It’s better to use the bank as a business partner

Don't do it

Written contract with clear expectations and duties and terms.

Totally unrelated but Crazy enough I was missing home (Albuquerque, NM) and I click on this video.

The scholarship business is apply for them for the students

Only thing u need to know is not do it

College planning is a booming industry but I can’t of another line of business where customer expectations are more out of line with reality. Parents are going to expect to pay practically nothing for you to deliver a full ride scholarship to a top school for their B average child. No thanks!

Happened to my dad. He started a septic business and his partner / “friend” did a bunch of night jobs under the table. Right after that he got married and just runs it with his wife.

Put in writing what each other will put in time wise also. Friend had a partnership and the partner never showed up to work...
Just do it on your own.

Dave Ramsey comes across as a hypocrite as his children now run his business.

Brilliant advice 👏🏾👏🏾👏🏾 Thank you for sharing this conversation.

Sounds like a parasite concept of a business. Let’s charge students money they don’t have to apply for money that they need for school lol. Find a real business concept. Sounds like a couple of bottom feeders

This is all you need to know, its a huge mistake and you shouldn't do it. I did and got lucky I still have my friend and didnt go bankrupt in the process of shutting it down.

😁🖖👍👌✌😎

There was a person on shark tank who made something similar to this and it didn’t do well

Good Advise do joint adventure but make own money not partnership!!

I’ve owned a funeral home for 14 years with a partner. So far so good.

As a lawyer partnership is very messy

That you won’t be friends in the near future ! 😂

A wise person once said to me, "sink or swim on your own, don't drag other people down with you". I took that advice and I'm still swimming 30 years later. Reaping the rewards of independence.

It will end the friendship

My dad went into business with his good friend… yada yada… bankrupt, they hate each other and haven’t spoken in decades.