Partnerships to have a relatively low rate of success when starting out in the concession. Well, the same thing applies to any business. Why?
Most of the partnerships fall apart within a few years or even months because of errors during their restructuring process. In many cases, partnerships are put together for a single person either can not work or do not have the necessary experience to start one.
As a result, I came out to find a partner and the fulfillment of individual and dream and businessmen rush to start before the care of some important details. Here are some things you need to consider when you start a franchise business in the partnership:
1. What is the exit strategy? - Maker sure that you share the same vision of where you want to be in five years. If the offer comes along to buy your franchise, what would you do?
2. Decide what to do if stopped agree on things - you need to be put in place before you begin effective tools for the settlement of disputes. You are going to spend a lot of time with your partner, your lien, do not expect to agree on everything.
3. decide who is the boss - it is almost impossible to run a 50/50 partnership. Someone has to be the employer or the Executive Director. This way you can find out who is responsible for making a final decision from the beginning instead of having to make a decision that every time immediately.
4. Consider Limited Partnership - Make sure that all liabilities in the business and clearly defined. Access to a limited partnership agreement in place may be the best way to go. 5. Fifth look at some examples of successful partnership - and Baskin Robbins (ice cram franchise) come to mind. Take your time to search for what makes others successful in this arrangement. When considering the partnership as it helps to consult a lawyer in order to include all the details of the partnership agreement.
In the end, the partnership may be a great choice for you, the key is to give careful consideration to all of your options and documenting everything correctly.