An insolvency practicioner once told me you should take more care choosing a business partner than you would a spouse.
A partnership agreement drawn up by a solicitor would be the very minimum.
Also partners ar jointly and severally liable for the partnership's debts, so if one of you does a bunk the other partner is stuck with all the debts.
A partnership agreement drawn up by a solicitor would be the very minimum.
Also partners ar jointly and severally liable for the partnership's debts, so if one of you does a bunk the other partner is stuck with all the debts.
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T
The Byre
- Original Poster
- #8
If there is one type of company that fails more easily, causes more legal problems, causes more personal problems and generally causes both general amusement and revenue for lawyers, it is partnerships!
That said, a partnership between completely differently skilled people, who actually complement one another, is sometimes an ideal company structure - but only as long as they don't interfere with each other's fields of responsibility. A friend of mine owns one half of a trade magazine and he is an engineer and journalist. His business partner is a salesman and only worries about selling advertising. He couldn't give a damn about editorial content, any more than my friend cares who buys advertising. They both stay out of one another's hair completely.
That said, a partnership between completely differently skilled people, who actually complement one another, is sometimes an ideal company structure - but only as long as they don't interfere with each other's fields of responsibility. A friend of mine owns one half of a trade magazine and he is an engineer and journalist. His business partner is a salesman and only worries about selling advertising. He couldn't give a damn about editorial content, any more than my friend cares who buys advertising. They both stay out of one another's hair completely.
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T
The Byre
- Original Poster
- #10
They had worked together as youngsters starting out in publishing. The employer went belly-up, so they decided to launch their own mag. Their wives supported them by going to work during the launch period.
The mag was (at the time) unique but they are struggling nowadays, because everybody and their mothers-in-law went piling into trade mags back in the 90s, so instead of being the only mag for their sector, they are now up against five or six heavily financed and very glossy and large magazines. These fluffed-up publications fail with alarming regularity, but they still manage to make life difficult for my friend.
But people still buy the mag and buy advertising because they are honest, so if you want a genuine revue of some new piece of kit, theirs is the mag to read.
The mag was (at the time) unique but they are struggling nowadays, because everybody and their mothers-in-law went piling into trade mags back in the 90s, so instead of being the only mag for their sector, they are now up against five or six heavily financed and very glossy and large magazines. These fluffed-up publications fail with alarming regularity, but they still manage to make life difficult for my friend.
But people still buy the mag and buy advertising because they are honest, so if you want a genuine revue of some new piece of kit, theirs is the mag to read.
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Knowing each other is fundamental to being business partners. (To the OP)
Good to hear that they are "surviving"....................If they have experience in this field, they should look at creating/offering a LUXURY magazine for China customers.
The more expensive, the better!
It is unreal what is currently happening in China.
A recent auction saw a Jane Birkin Hermes bag sell for USD225,000.
The potential is phenominal
. . . .We digress from this thread.
Good to hear that they are "surviving"....................If they have experience in this field, they should look at creating/offering a LUXURY magazine for China customers.
The more expensive, the better!
It is unreal what is currently happening in China.
A recent auction saw a Jane Birkin Hermes bag sell for USD225,000.
The potential is phenominal
. . . .We digress from this thread.
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T
The Byre
- Original Poster
- #12
Tell me more!
Would not a mag for the Chinese luxury market have to be in, er, well, you know, Chinese? Or am I missing something?
As for my friend, it is a very specialist corner, in which the publisher has to get that mag into the hands of 'key people within the industry' - as the usual splurge goes! They wouldn't know a Hermes handbag from a plate of mince!
Would not a mag for the Chinese luxury market have to be in, er, well, you know, Chinese? Or am I missing something?
As for my friend, it is a very specialist corner, in which the publisher has to get that mag into the hands of 'key people within the industry' - as the usual splurge goes! They wouldn't know a Hermes handbag from a plate of mince!
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Sorry for hijacking Your thread. louise!
Damn, You have got me intrigued. How much Capital would one need to do something like this?
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