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mattley23 mattley23 is offline
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Join Date: Mar 2003
Location: Shropshire
Posts: 560
Taking on a partner

Hi all,

Im thinking of taking on a partner for my business which has been trading for almost 12 months.

Im having to turn away business right now due to lack of staff and also am hitting high turnover which is sucking the tax out of me.

My idea is to bring in someone who is multi-skilled and can help me grow the business and reach its full potential (and hopefully make us both a bundle!!)

Anyone got any advice regarding things I should and shouldnt do/offer/request when taking on a partner etc

Cheers
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Encantador Encantador is offline
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Join Date: Jun 2004
Posts: 207
Hi,

Is taking on staff an option, rather than a partner?

By multi-skilled, do you mean multi-skilled at running a business or at converting garages?

When you say.... `hitting high turnover which is sucking the tax out of me`
do you mean you need money invested in the business?
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Play!! Play!! is offline
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Join Date: May 2005
Location: Wales
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It might be worth talking so some other builders and giving them the work for a cut of the money. I would be looking for partnerships in that way.
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mattley23 mattley23 is offline
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Join Date: Mar 2003
Location: Shropshire
Posts: 560
Basically I have someone in mind for the partnership, he's a family member of sorts (sister-in-laws husband) and is very highly skilled in the building trade.

This would mean we could offer a large range of services at a very high standard as opposed to subbing work out to other bulding companies which can mean sub-standard worksmanship and high fee's, higher per day than the potential partner would demand.

We also both have a passion for property development and have discussed the possibiility of the business developing and rennovating properties too which I coulnt do alone.

I had thought of taking on a skilled tradesman but they demand such a high wage (bricky £120 per day, chippy £150 per day) and just doesnt make financial sence when I have someone who is looking for less than that because of the opportunity of becoming a partner.
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