tag:blogger.com,1999:blog-4402283548766807872.post5081566946626099584..comments2024-03-20T02:26:06.500-04:00Comments on The Blunt Bean Counter: Finding a Business PartnerThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-4402283548766807872.post-60786637082630642152013-07-14T00:27:04.602-04:002013-07-14T00:27:04.602-04:00Sorry to hear you got fleeced. I don't know wh...Sorry to hear you got fleeced. I don't know what kind of partnership you had, but it brings up the old adage of the limited partner. As the old saying goes, at the beginning partnership, the limited partner has all the capital and the general partner the experience. And, by the end, the situation is reversed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-50720422192062892812013-05-23T14:55:17.718-04:002013-05-23T14:55:17.718-04:00Glenn, thx for your personal experience and perspe...Glenn, thx for your personal experience and perspective.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-70378393487206516772013-05-23T09:09:12.747-04:002013-05-23T09:09:12.747-04:00While I dislike partnerships, I've had a coupl...While I dislike partnerships, I've had a couple. In one I was taken to the cleaners financially by the other person, in another I've done very well (built a small hobby site, sold for an outstanding profit) to the point that we've just set up another sideline together.<br /><br />All of the points you raise are vital. Basically formalize, document and discuss everything and then keep duties entirely seperate. That prevents disagreement later. I think there's a notion that a partnership should be a meeting of similiar talents, where partners discusses things to the business's benefit. I don't see it that way. Complete seperation of duties means no disagreements - if something arises, I either handle it on my own if it's my specialty, or my partner handles it entirely on their own without worrying about consulting me. The only discussion needed, very rarely, is when it's not clear who's role a task or decision applies to. Otherwise, I'm content to let my partner do their thing, and I do my thing without worrying about being second guessed.<br /><br />But that's all operational success - I still don't know how I would've vetted the partner that fleeced me financially. I guess you can't prevent misplaced trust. (In good news, the fleecing required me to learn a skill set I had delegated to the partner, and that skill set is now vital to everything I do - so in the end it was a spanking worth the pain :) ).LifeInsuranceCanada.com Inc.http://www.lifeinsurancecanada.comnoreply@blogger.com