Posted by partnership failures on August 03, 2003 at 11:59:55:
The distance to me is of much less concern that bringing your friends into a partnership that is almost gaurenteed not to last.
Partnerships tend to break up. Few make it. They are good for emotional support in the beginning but when the money starts flowing in or the work load starts becoming difficult, time consuming or frustrating, I suspect things will change rapidly and dramatically.
Sounds like you will be doing most of the work. When you find yourself working on this 30 hours a week, evenings and weekends, you run into frustrating periods, and you feel like you are doing all work. Or if all of a sudden you discover this is a lot easier than you ever realized and you make a couple hundred thousand a year on YOUR efforts.
How will you THEN feel about being in partnership and giving half of the money to someone in California, who you no longer feel has contributed much.
Ask yourself the tough questions before you partner, create an exit strategy written by an attorney. This will force you to think about what you will do WHEN the point of disagreement comes.
I have gone through a few “partnerships” and lost a few friends in the process. I dont reccomend them.
If its emotional support (which is extremely important in the beginning)you are each looking for, I would suggest you both start seperate businesses. Plan out your goals and then you “meet” regurlarly to keep each other on track, help each other, share ideas and things you learned. A much better way to maintain a friendship.
I prefer partnering on specific projects to having someone as a “PERMENANT” partner.