{"id":1885,"date":"2014-01-02T10:00:38","date_gmt":"2014-01-02T18:00:38","guid":{"rendered":"https:\/\/berkonomics.com\/?p=1885"},"modified":"2013-12-31T10:36:33","modified_gmt":"2013-12-31T18:36:33","slug":"my-dad-said-never-take-on-a-business-partner","status":"publish","type":"post","link":"https:\/\/berkonomics.com\/?p=1885","title":{"rendered":"My dad said: \u201cNever take on a business partner.\u201d"},"content":{"rendered":"<p>My dad was a smart businessman, even if not formally trained. He occasionally gave me advice that turned out to be more than wise, looking back at subsequent experience and events.\u00a0 His personal teaching event was a typical experience, as I reflect now upon the tens of partnerships I have counseled over the years.\u00a0 Most often, one partner remained active as another partner drifted away from the business, no longer carrying the weight anticipated at start-up.<\/p>\n<p>It\u2019s just one \u2013 the most prevalent \u2013 of the many things that can happen to well-meaning partners after time changes plans, and after the business passes through phases of growth or contraction.<\/p>\n<p>I recall one very personal situation when I was very young, that reinforces Dad\u2019s advice. Through my college years, I managed a phonograph record production and manufacturing business that I created as a senior in high school, using independent contractors in local venues to record and edit <a href=\"https:\/\/berkonomics.com\/wp-content\/uploads\/2012\/08\/ventureforwardweb-237.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-thumbnail wp-image-1391\" alt=\"ventureforwardweb-237\" src=\"https:\/\/berkonomics.com\/wp-content\/uploads\/2012\/08\/ventureforwardweb-237-150x150.jpg\" width=\"150\" height=\"150\" \/><\/a>the original tapes from recording musicals and performances from schools, colleges, churches and organizations throughout the USA and Canada &#8211; and then to sell the records to the appropriate audiences.<\/p>\n<p><em><span style=\"color: #993300;\">[Email readers, continue here&#8230;]<\/span><\/em>\u00a0 It grew to significant size during my college years, and I associated myself with a \u201cstrategic partner\u201d throughout those years, ceding to him all recording and editing of work throughout the large home territory, and any national jobs we received. The agreement was that he would retain all of the revenues generated from those activities.\u00a0 We called ourselves \u201cpartners\u201d and received lots of press, even nationally, as we managed our teenage business.<\/p>\n<p>A year after graduation from college, I left for six months to serve my active duty obligation in the US Navy, while others took care of accounting and customer relations.\u00a0 And my \u201cpartner\u201d left the company without notice and set up a competing company in my absence, never saying a word to any of us.\u00a0 I was bitter, but unable to do anything about it, since there was no partnership agreement.\u00a0 Luckily, after my return from active duty, my company flourished and his remained a small, one person operation for the rest of its existence.\u00a0 But, as they say, everything he learned, he learned from me. \u00a0Dad was right, even if I learned the lesson years later.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>My dad was a smart businessman, even if not formally trained. He occasionally gave me advice that turned out to be more than wise, looking back at subsequent experience and events.\u00a0 His personal teaching event was a typical experience, as &hellip; <a href=\"https:\/\/berkonomics.com\/?p=1885\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[8,4],"tags":[],"class_list":["post-1885","post","type-post","status-publish","format-standard","hentry","category-depending-upon-others","category-ignition-starting-up"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts\/1885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1885"}],"version-history":[{"count":0,"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts\/1885\/revisions"}],"wp:attachment":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}