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Anyone working together with someone else in partnership

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#1 **BOOM**

Posted 02 January 2010 - 09:34 AM

Hi all,

just a quick question & feedback would be greatly appreciated.

I have a new business idea and product which I believe will be successful.

My sister & I were talking about it over Christmas and she loves it too. She quit her job before Christmas and does not intend to look for another job in the future. She has two little boys and she has said that she would love to do something from home.

Re: my idea, she has the contacts (my BIL, her DH) to get the products made and I have some experience in starting up a small business from scratch and have a lot of ideas for this small business.

I am thinking of approaching her in the new year about us doing this business idea jointly. She lives in Brisbane and I live in melbourne.  Has anyone done this before and if so has it worked? Any feedback would be great.

Thanks original.gif

Edited by sophie-emily, 02 January 2010 - 09:37 AM.

#2 Jembo

Posted 02 January 2010 - 11:05 AM

Yes, one of mine is very similar.

My sister was doing some small things, more hobby based, started to branch out into online.  I wasnt working (just had baby) and was looking into options to keep me busy and asked her if she would consider letting me in on her business.

Best thing we ever did:).  In our case it has worked very well.  Having two of us has helped it to grow.  I think the biggest thing for us is we both have strengths in different areas, we rarely have any crossover.  We don't have the same roles in the business, and we respect each others roles and opinions on our sections.  Also if she does something I am not 100% kosher on I usually back down, as it was her business in the first place, and without her input I couldn't do my side original.gif.

We also live 5 hrs apart.   With email and phone it is easy to keep up to date, we send millions of emails a day so each one knows what the other is up to.  When she goes on holidays, I take on her role, and when I go, she takes on mine.

If one of us is having a rough time of it, the other steps in and takes over for a bit.

So for us, it works excellent, we have a good relationship.  We have been doing ours for a few years now.  But in saying all that, most partnerships fail, even if they are family.  So I would think long and hard about it.

You need to consider all possibilities as well, like if you had a disagreement what happens?  If she wants to quit, or you want to quit?  How you are going to split money and costs?  What happens if either of you get sick, have more children etc.  Think lots of worst case scenarios and how you think you both will handle it.

It may even be worth getting agreements made up, if you are using BIL's and DH's etc in case there are any disagreements if you are both working in same area, ie it is your ideas, but they will be producing them. I would even consider protecting your idea yourself with design registration.

#3 kaboo

Posted 02 January 2010 - 11:12 AM

Yes - I work with a friend who I met in mothers' group. We set up our own business in January last year. We set up formally as a company with 50/50 shares. We've also drawn up agreements about what would happen if one of us wanted to quit, or if one of us died etc. We pay ourselves a wage out of the business and make any financial decisions over $200 by agreement.

We mostly work from home but do meet at least once a fortnight for a team meeting to discuss how things are going. Sometimes we do this via phone. We also have a casual employee so we try to be in the office one day a week with her.

It has worked fairly well for us. We both ended up pregnant at the same time this year (in fact, our babies were born on the same day - hers 3.5 weeks early and mine late) and this meant that we decided to scale back on our business for a while.

#4 **BOOM**

Posted 02 January 2010 - 06:19 PM

Thanks for your replies  original.gif

We are very close and do believe that we could work well together.  I have another sister and no way in hell her and I could work together on something like this.  I think we would not last a day together  biggrin.gif

I suppose it is the distance between us that I was thinking about.  But with the internet & email along with phone, there shouldn't be any issues.  Maybe would give me an excuse to get up to Brisbane more than my usual annual trip I am currently doing too.

I will speak with her in a couple of weeks about this joint venture.  It also gives me time to think of how we this could work and what roles, etc we both could play.

Also will put some thoughts to the possibility that it could all go pear shaped...I think I'll have a chat with DH about this before approaching my sister too.

Thanks again ladies - much appreciated!!

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