How about finding a partner, maybe two? Partnerships have been the backbone of many great restaurant companies. Some of the biggest names in the business started as partnerships.
Like most everything in business, building a partnership has some upsides and downsides. The upsides include the following:
- Shared responsibilities and more idea generation
- More financial and credit resources
- More networking opportunities
- Friendship and a shared experience
A partnership could have some downsides as well:
- The wrong partner with a different vision can make the relationship uncomfortable and fraught with conflict.
- Split control and decision-making can lead to power struggles. I have seen this on more than one occasion, so new partnerships beware.
- A partnership agreement can become cumbersome and intimidating.
Partnerships do not need to be set up with equal ownership, and each partner does not have to share equally in the profits or losses. Also, each partner can have a different level of decision-making authority and responsibilities.
Partnerships range from limited partnerships to silent partnerships and general partnerships. A reputable attorney can walk you through the finer points of building any partnership, including the construction of a partnership agreement.
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