50/50 Partnerships: A Case Study Part 1 | Business Partnership Mastery Series

[@BrettCenkus]

What are some of your real-world stories? Whether it's partnership related or not, I'd love to hear about the experiences you've had in business!

[@saadsohail2906]

I am in business partnership with my friend worst decision ever business plan was mine, I am the one doing marketing I am the one who is talking to vendors in China he isn't doing anything at all when I said I lol go solo and he replied if u will leave me out I will import the same stuff and sell I was shock to hear that as I just started business first time in life and he already had a family business and he is rich person I am mentally so disturbed as he has taken my idea my skills my vendors I don't know what to do

[@HkLY45]

@@saadsohail2906 been a year, how did things go?

[@JJJRRRJJJ]

I work for my dad. So does my mom. So does my sister. So does my brother-in-law. So does my aunt. Our biggest vendor is owned by my uncle, where two of my cousins work. My grandma originally founded my dad’s business. My grandpa originally founded my uncle’s business. Obviously we’re swimming in family constantly. It has its pluses and minuses (sometimes _extremely_ so), but it’s certainly not the disaster many people claim it to be. Very important to avoid the pitfall of granting special treatment to family members (at least to the best of your ability). We’re far from perfect, but there’s no doubt that the business has grown significantly more profitable and diversified as more family has come on board.

[@starkbydesignmarketingandt3378]

Fascinating case study. I think a lot of it, is because starting a business is brand new to most people. They don't have time to think about future logistics when they're just starting to go through it. There are a million things to think about; background information, resources, organization, getting clients. I'm excited to see how this turned out.

[@忍者-v3x]

I love this guy. He's so real.

[@BrettCenkus]

Thank you

[@Mack.of.all.trades]

They don’t work out, just never do. Especially with friends where there is always leeway.

[@BrettCenkus]

I understand that sentiment, for sure. It is not easy to make a 50%/50% partnership work, although I've seen more than a few work well (admittedly low percentages overall, though).

[@robertklutse9586]

Great video, Im very interested in cooperate law and have an assessment day in London for it coming up soon. The case studies are really fascinating

[@BrettCenkus]

glad you enjoyed them. Always unique and always something to learn from each one!

[@allenjohnbalangue]

I have a question about this video. Personal message?

[@gmoriano]

Bang on, thank you.

[@hoodauthorized]

He look like that dude off Half Baked, a litter smarter though.

[@williebrits6272]

Hey! Thanks. This is good advise and insight

[@BrettCenkus]

thank you, Willie!

[@Palaecro]

What if your partner is not holding any accountability, blocking growth of the company through incompetence, not adding value and worst of all bullying and attacking especially if you try to talk to him about any of this. Is there legal recourse if there were no contractual obligations mapped out from the start? Perhaps legal ground for emotional abuse? We're 50/50 owners..

[@BrettCenkus]

If your partner isn't giving you access to information (e.g., locking you out of accounts), that can be a fairly quick process through the court system in the U.S.--to get a judge to force your partner to give you that information. Beyond that, if it's incompetence, not fraud or withholding information/access to which you are entitled, there isn't a lot you can do other than figuring out the procedure (in your state/other jurisdiction) for breaking up a company that is stalemated (if you aren't technically in a stalemate, I suspect that one is not far off base on what you are telling me). In most jurisdictions (e.g., states in the US), if you're 50/50 partners, there is a process to petition a judge to dissolve the company (i.e., to break up a stalemate by breaking up the company). I wouldn't expect a claim for emotional abuse to be a viable path, although I don't know much about those types of claims and have never seen one between business partners.

[@tati001]

If you're 50% owner of a business and you want to leave, can your business partner still use the company name?

[@BrettCenkus]

Yes, the default position is that the right to use the name would stay with the business.

[@tati001]

@@BrettCenkus ok thanks! I appreciate your time.

[@HkLY45]

My rule is if we couldn't do business together we can't be friends. I do business with everyone. I am in business. It is my life. I have nothing in common with people who aren't business people. People don't understand you should never bankrupt a relationship.

[@BrettCenkus]

Thank you for your comment. I do not have the same position on the need for my friends to do business with me, although I am not against being in business with my friends.

[@HkLY45]

@@BrettCenkus I'm not in business with all of my friends. But all of my friends are people I trust enough to do business with. Just kind of happened that way. Business is my hobby and my life.

[@emllyhope]

hi brett

[@BrettCenkus]

Hi

[@savethechildrenfoundation]

Nice 👌 . I need business a partner

[@binodkedia6580]

in what business u have experience