Business Partnership Dilemma

[DonJon]

Hi guys! mile: I really need your opinion/s about my recent dilemma. Hope you can help me out and get enlightened from this terrible situation. I'm sorry the post seems long. But here it goes:

I have this colleague who offered me to join her and become her business partner in a particular venture which I deemed quite appealing and interesting. So we brainstormed together what approach and strategies that we are going to take and incorporate in dealing with the whole business process plus our clients. Although, the division of labor and individual responsibilities were clear, not to sound arrogant or anything, but I designed mostly our business system and framework, which was of course alright to me because I wanted to do it, I was driven and passionate to do it. Anyway, when I presented the proposal to her she agreed and was satisfied about the strategy and chose to take that route through my lead.

Ok so we kicked it off. We did all we need to do, however, along the way there are bumpy roads and highways which we already expected. I have problems with her, and perhaps she got problems with me as well. But we managed each other because we talk it out. The major problem is the influx of clients, the marketing of the venture. That's my Achilles Heel. I only know operations. And that was also her weakness, we do not know anybody. So we got meager clientele to none. We only did this venture thing as a freelance career because we both got different full time jobs - although at the middle of our venture I left my job in order to focus on this career, which I realized was a really stupid mistake. Anyway, there is this mutual feeling from both of us that we want to continue with the venture, wait until new client comes in, but half of this feeling is that we are afraid to go on. In my own case I wanted to quit the venture and rather do my own thing. Which until now she doesn't seem to know but I feel she maybe already got a hint. She, I strongly feel that she wants to continue albeit having no clients. Of course this is just a freelance thing for her, she got a full time job.

Anyway, here comes my best friend and decided to put up the same venture as ours because he also deemed it appealing and interesting. He asked me to become his partner. This best friend of mine is excellent in marketing, knows anyone, and has got already dozen of clients and prospect clients. I told him I am still in partners with my former colleague but I am very interested in his offer, besides, aside from he is my best friend who I much know compared to my other "colleague" partner, I wanted to continue this experience because I hate to waste what I had already began and also I am starting to love this career. I asked my best friend several times to include "colleague" in our partnership but he said no, over again.

So my dilemmas are the ff:

1. Is it OK if I'll accept my best friend's offer and become his business partner however use the same system I mostly designed and formed from my other venture from my "colleague" partner? My best friend doesn't particularly know the operations, he just knows how to deal. haha! So I really feel there is chemistry from both of us here.

2. How do you think "colleague" will take it? I want to talk to her and tell her the truth. What if I decide to continue the venture with her and at the same time do with my best friend? Is that a right thing to do? Haha. The last time I checked, I did not sign any contracts from both anyway.


I know this will hurt "colleague" but personally I have nothing against her. She is really a dear friend. Although this may strain our friendship a bit, but I just don't want to strain it even more. haha. I'm sorry guys I'm really torn between two lovers. Lol.

Any opinions/insights/reactions/suggestions about this matter are welcome. Thank you for taking taking time reading this whole novella drama thing. haha! Thank you for your kind responses in advance! Blessings!

[Rareboy]

All is fair in love, war and business.

I'm assuming that there's no chance of bringing the other guy in as a third partner for marketing and making everyone happy?

Since you are the one with the most at risk at this point, I think you need to be honest with your partner and make it clear that unless the business acquires marketing expertise and contacts that you will need to re-think the venture.

[DonJon]

Hahaha, very true. Love, war and business all work similarly. Only same script but different cast. mile:

Yes, new-best-friend-partner clearly says no to a third wheel. :crying-and-sorry-li

Yes definitely that's a good reason. Thank you for that valuable input! mile:

All is fair in love, war and business.

I'm assuming that there's no chance of bringing the other guy in as a third partner for marketing and making everyone happy?

Since you are the one with the most at risk at this point, I think you need to be honest with your partner and make it clear that unless the business acquires marketing expertise and contacts that you will need to re-think the venture.

[Jake]

The problem I have there is that you are putting two words that are not compatible in business which are FRIENDS & BUSINESS sorry to break it to you but you can't have both, unless you are ready to jeopardise a bit the friendship, call it a business partnership and learn how not to speak business when you just going to be together for no-business relationship.

My husband and I are partners in business, and yes, I do have some of my friends who have joined my business venture as well, however, when we are at board meetings or business meeting, I'm Mister the Chief Executive Office/President and not Jake. I do hope you get the point there. If you want a healthy business and healthy friendship relations with your partners the most important word is HONESTY. It may sound harsh, but there's no place for personal emotions in business or partnership.

Now I do understand that you may not run a conglomerate that worth multi-million dollars like I do, but the principle remains the same. When I first started it was a quite small business too, and through the years, it became an umbrella and I've made my partners quite wealthy, but they are the investors, they can fire me anytime - although I am actually going to retire next year anyway... But, yes be honest, be clear and be concise with all your partners or any additional third parties you will welcome in your venture. And just remember, you can't please everybody, somehow someone is going to lose a little.

Being your own boss ROCKS! However, be ready, it's stressful. Good Luck!

[DonJon]

FRIENDS & BUSINESS sorry to break it to you but you can't have both,

Yes that's definitely in my book but I have to admit that it's a bit hard to segregate especially because I like to care about people, especially those who are close to me, hehe. But I always keep reminding myself to keep me on my toes. Not to be abrupt on myself but rather to take baby steps to achieve this kind of attitude.

I do hope you get the point there. If you want a healthy business and healthy friendship relations with your partners the most important word is HONESTY. It may sound harsh, but there's no place for personal emotions in business or partnership.

Yes, definitely and harshly true. haha!

Being your own boss ROCKS! However, be ready, it's stressful. Good Luck!

Haha. I'll just take my leap of faith. Thank you for the insights, Jake. I wish you also good luck! mile:

[Jake]

Haha. I'll just take my leap of faith. Thank you for the insights, Jake. I wish you also good luck! mile:

Hahaha thanks for the good luck wish Donjon LOL, but I already have an established estate, in fact I was asked by my dude to let go of my powers since my health has been taking a toll lately and I agreed and I'm stepping down.

You're starting that's a bit different. However, I do recommend you never to leave your day job when starting a new project ever again. When I started my firm, I worked at a gaz bar, was also at Uni and had my daughter to care for and was getting out of the porn business all at the same time. Taking risk doesn't mean losing your mind over it. And it's mostly true if you actually live in the Philippines.

[BrianNorth]

Business lessons come at a big cost but it's usually for the best. I had something I'd invested many hundreds of hours in fail and all the things I learned doing it transfered into youtube which has gone great. I'd also suggest always keep your day job. Until a passion project shows its true potential then keep it a passion project.

[Bowyn Aerrow]

So to simplify this.

You and she came up with ideas together, now you want to run off with someone else and steal her ideas?

That would be wrong, both ethically and morally and will do severe damage to your friendship with her.

Why? Because she has vested interest, and the ideas you two worked on together only exist because you both invested into these ideas. Her ideas have value, and she deserves to get paid whatever that value is.

Offer to buy her ideas, either pay upfront some agreed upon money, or you can offer her a small percentage of the money you make from her ideas.


I for one would not trust this new fellow at all, clearly he has no problem kicking her to the curb and stealing her ideas. That only means he has no problem doing that to anyone, yes including you.

[LJay]

I tend to agree with Bowyn here, though a possible solution, since your friend does not want to join in a three way deal, is to sit down with your partner and see what she would think of hiring him as a marketing consultant.

Another idea would be to say "No thanks." to your friend and to get some marketing advice from somewhere else--anywhere from reading in the librry to taking courses to hiring another consultant....

What is not at all cool is for your friend to steal your idea from you and the woman. Protect yourself legally from this. If this had been dealt with properly three generations ago in my family, I would be a very rich man today.

[DonJon]

since my health has been taking a toll lately

I hope you're doing okay.

When I started my firm, I worked at a gaz bar, was also at Uni and had my daughter to care for and was getting out of the porn business all at the same time.

Wow. You must have got superpowers that you juggled all that from both of your hands.
mile: