Business Partner - Cincinnati coffeehouse

[danielamart]

Hi, I'm new to this forum and welcome any insightful comments on the beginning stages of opening a business.
I have gotten approved for a business loan and have been going through the process of opening a coffeehouse in the Cincinnati area. I was just about to sign a lease, with the stipulation that my business partner would be able to be on site during the start-up phase and opening months, only to find that my she is not able to devote her time like we need (my sister got cold feet). Therefore, I am now looking for a partner with a barista/business owner background who is willing to take the risk with me, and devote time.

Any ideas on where to find a partner?

 

[eldub]

Good luck on that.

Choosing a business partner is like choosing a spouse, imo. There is more to it than what meets the eye.

 

[CoffeeJunky]

If you are looking for working partner, what is your role on this business? How much have you invested so far and what type of investment are you looking for from the partner.

 

[HRC]

Turn back now. If you aren't completely familiar and comfortable with your partner, don't do it. Like Eldub said, it's like a relationship. WHEN you argue, you need to be able to work through it.

 

[eldub]

I'be had two bad experiences with business partners and we knew both of them pretty well going into the ventures.

The first was on a web project back in the day. I was bringing in the money, my partner was doing web page graphic design. Problem was, he was a programmer and not a graphic artist. That meant I was forced to sell pages and help him with design. Then when it came time to use his programming skills, he demanded more than 50% of the business revenues. I shut down the business instead and dropped him as a friend.

When we were preparing to open our current coffee roasting business, our potential partner was going to own half of the venture without having to put any money into the project due to her roasting skills and business contacts. She made a power play the day I put money down on the roaster and I then decided to make a go on my own. Best decision I could have made, in hindsight.

 

[CoffeeJunky]

I'be had two bad experiences with business partners and we knew both of them pretty well going into the ventures.

The first was on a web project back in the day. I was bringing in the money, my partner was doing web page graphic design. Problem was, he was a programmer and not a graphic artist. That meant I was forced to sell pages and help him with design. Then when it came time to use his programming skills, he demanded more than 50% of the business revenues. I shut down the business instead and dropped him as a friend.

When we were preparing to open our current coffee roasting business, our potential partner was going to own half of the venture without having to put any money into the project due to her roasting skills and business contacts. She made a power play the day I put money down on the roaster and I then decided to make a go on my own. Best decision I could have made, in hindsight.

I can see both of those partnership was not pre-planned well enough.

I have a restaurants I own with partners.
I had property I have own with partners.

When I ask someone to be partner, I draft up all the responsibility of each owners and their role. Also I draft exist plan for both myself and the partner.
When I draft up partnership agreement, I prepare the draft thinking about the worst situation.
Yes I have had bad experiences too because agreement paper is only as good as both party is willingness to honor the agreement.

Once case, I actually had to sue my partner to get my money out. But out of 10 different partnerships, I only had 2 bad experiences.
So I do not think partnerships are bad thing. However, it needs to be carefully planned and have good understanding when things do not turn out to be as good....