Partnership in business - Your Experiences

[Maks25]

I did go into partnership once with someone, it didn't work out but I will go into partnership with them again.

The guy was a credible person who agreed to partner with me supplying items for resale on his website. The first two purchases went ok, and then one of his customers requested an item on a special order. We got the item, sent to Lagos within the agreed timescale, and then nahco decided to go on a 2-week strike, and hold all goods coming into the country in their warehouses. nahco is the nigerian aviation handling company which holds goods during the customs checking/documentation procedure. Obviously, the customer was not happy, I had paid 100% out of my pocket for the item - having received only 50% payment, the goods were held up by the government for no justifiable reason (along with good of millions other individuals and businesses) so my partner decided to refund the customer from his pocket and keep the goods.

He was better off in the end, but these were cirumstances out of our control and I made a net loss on the deal. The reason I will partner with him again is that none of the problems we encountered were of his making, and there was no point in me blaming anyone else but nahco for my losses - the partner in question is a honest, good communicator, but I will partner under different terms.

 

[btaliat]

What a pathetic story. You are only lucky that it didn't cause strained relationship between you and your customers.I don't usually advice young business owners to go into partnership. This is because there won't be privacy of both partners. And even unnecessary clash of functions. As a young investor or intending business owner, you can save or invest in order to save money for your business. When you start your business with your money, you will be free of business hackles.

 

[Peppul]

Well I don't always advice people to go into partnerships in a business no matter how close you are to the person it doesn't always end well. Most people go into partnerships because they have the resources to support the business and not them having the business idea. I remembered there was a time my sister went into partnerships with her friend on a business, it didn't end well, at first things were going smoothly then on the long run they start having issues with time management and money, she was complaining that she spends more time on the business so she should earn more while the other was later complaining that her capital was more so she should end more. So at the end of the day the business suffers for it.
For me it's not advisable to run a joint business.

 

[anil02]

Business in partnership is not bad. But for it one must have enough tolerance power. Two people never alike. I also did business with a partner, but I couldn't continue it for a long time. My partner was somewhat stingy. But is dosen't means that it is impossible to success business in partnership. Before selecting a partner we must be certain that we have something in common.

 

[Bookwormlux]

Business in partnership is not bad. But for it one must have enough tolerance power. Two people never alike. I also did business with a partner, but I couldn't continue it for a long time. My partner was somewhat stingy. But is dosen't means that it is impossible to success business in partnership. Before selecting a partner we must be certain that we have something in common.

Sure, when your business partner shares the best interest of the business in mind, you are more likely to succeed in the long run, but if otherwise, then it would only cause incessant failure. Just like you said, individuals need to make sure they have common goals before they agree to go into partnership.

 

[anil02]

It is not possible for any business to earn always profit. Some time loss is possible. When business is earning profit most of partners have not problem but in case of loss they may have many problems. Most important thing is fait among the partners. If partner have not faith on each other than it is possible to run partnership for long time