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za4life

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just curious how many of you owners have partners. Im most interested in those that have taken on partners with little or no restaurant experience. Im wondering about split responsibilities, if they stay in the store. any thoughts would be appreciated. thanks
 
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I have a financial backing partner that has never ever worked in a restaurant before, let alone a pizza business… And it SUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUCKS
 
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I just lost my partner. It is bittersweet. I will miss his enthusiasm and ideas, but better now than after we sign a lease. And, of course, I lose his part of the investment capital. This means I will have to work for awhile to save up some capital unless I can find someone going out of pizza to take over. I have the equipment and working capital, but no longer have the construction funds.

All in all, I recommend a partner only if you cannot open any other way and you have a strong agreement in place. It does add complexity to the works.
 
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I am with Steve on this one, IT SUCKS!

I bought out my partner (father-in-law) about 1.5 years ago. Things are much better now. He had never worked in a restaurant. He never worked a day at the place and didn’t put any money into, just co-signed the loan. He wanted me to raise my prices 6 months after opening by 7% and give that 7% to him. WTF!

It got very bad between us, cops almost had to come to my house one night when we were arguing. After the buy-out he has been holding a grudge, apparently he thought he could retire off of my work.

Things seem to be getting better between us, but I would never have a partner again. Especially family!
 
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We had a partner when we first opened 9 years ago. At about the two year mark, it was becoming apparent that we both had different visions for the way we wanted the company to develop. At that point, we bought him out and continued on our way. The only bad part was he ran the store good and it was always nice to get a day or two away and KNOW that the store was in good hands. Have hardly had a decent vacation since! The good part is that sales have tripled since then and we don’t have to ask anyone’s permission to run things the way we want.
 
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Partners are like wives…Some are good and some are bad!..In business I probably will never have a partner again but I found a great wife after a few attempts…
 
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thanks for the input. any good stories of partnerships. any non-restaurant partners become full time store employees. another question. in any agreement you have written would you specifically put your individual store responsibilities into that.
 
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za4life:
thanks for the input. any good stories of partnerships. any non-restaurant partners become full time store employees. another question. in any agreement you have written would you specifically put your individual store responsibilities into that.
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I would think the above posts would be enough to deter you. If not, you must delineate responsibilities and expectations, as well as have a “prenup” for the partnership. Plan to break up. Spell out what will happen.

See a lawyer.
 
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