I don't have a big business but do have experience in a partnership that I got out of with a relative.
Here's alot of things to consider :
A business partnership is just like a marriage, it's for the long Haul. You need to be sure you're both compatible as people or it could be the failure of the business.
What's yours and their goals in life and business?
A person seriously wanting to grow a successful business will have written short & long term goals, sales & marketing targets etc that would give you an idea of how ambitious and driven he is. They won't be content with staying at the same level until they've achieved these goals.
Do your goals compliment each others?
If not one of you will likely end up slacking off having achieved your ambitions which could cause friction.
Alternatively if you both have a similar vision you will drive each other to succeed.
If you are gonna go ahead with it then I would have a written agreement in place including and exit plan if down the line one of you wants out. That way its less likely to cause problems at that stage as everything is agreed beforehand.
Also suppose you both have a similar amount of jobs/round value , don't assume his customers are as good as yours. In my partnership, I had way better customers who paid quicker and lived in a better part of town. I resented his customers cos alot were hit and miss or would pay late but on paper we had a similar amount of work.
It's alot to think about so I would be cautious.
Try to find the capital to buy him out or press on with your goals and forget about it. If you're driven and determined you won't need him to get you where you wanna be and you'll be there in the end, or if you're both driven etc you could get there quicker.
Here's alot of things to consider :
A business partnership is just like a marriage, it's for the long Haul. You need to be sure you're both compatible as people or it could be the failure of the business.
What's yours and their goals in life and business?
A person seriously wanting to grow a successful business will have written short & long term goals, sales & marketing targets etc that would give you an idea of how ambitious and driven he is. They won't be content with staying at the same level until they've achieved these goals.
Do your goals compliment each others?
If not one of you will likely end up slacking off having achieved your ambitions which could cause friction.
Alternatively if you both have a similar vision you will drive each other to succeed.
If you are gonna go ahead with it then I would have a written agreement in place including and exit plan if down the line one of you wants out. That way its less likely to cause problems at that stage as everything is agreed beforehand.
Also suppose you both have a similar amount of jobs/round value , don't assume his customers are as good as yours. In my partnership, I had way better customers who paid quicker and lived in a better part of town. I resented his customers cos alot were hit and miss or would pay late but on paper we had a similar amount of work.
It's alot to think about so I would be cautious.
Try to find the capital to buy him out or press on with your goals and forget about it. If you're driven and determined you won't need him to get you where you wanna be and you'll be there in the end, or if you're both driven etc you could get there quicker.
