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I'm entering into a partnership.

Discussion in 'Business Management' started by artbot, Oct 24, 2012.

  1. artbot

    artbot Very Active Member

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    well after a year of back and forth negotiations and buying equipment i had one of my final business agreement meetings today. looks like no red flags have come up this entire year and the partnership will be signed within the next two or three days.

    it will be me, and the two people that i've been selling to for the last six years.

    i'll be going from my "fight club" country studio to a 33,000 square foot facility with about $500,000 in new and used equipment, add and additional $250k to get it all turnkey.

    i'll have to sell my house within the next year (i live over an hour away from the location). i'll probably be sleeping there two or three days a week getting all the equipment and designs and such up and running the first year.

    a long while ago i asked for some partnership advice. a thank you goes out to all that gave me their wisdom.
     

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  2. Mosh

    Mosh Major Contributor

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    GOOD LUCK, been in the business world for 25 years and have NEVER seen a partnership work out, but good luck to you. Hope are are the exception.
     
  3. GAC05

    GAC05 Major Contributor

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    Congratulations on everything falling into place.
    Best of luck on the new direction, I'm thinking you won't need it with your talent.

    Is that you in the blazer? Everyone else looks a little more casual....


    wayne k
    guam usa
     
  4. 2B

    2B Moderator

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    good luck,

    keep us posted, will be exciting to see what all you are going to be using and how you set it up with all that space
     
  5. SightLine

    SightLine Very Active Member

    Congrats man! That's a honkin' huge shop to setup. Best of luck with it. Moving is a wretched nightmare. Actually shutting down tomorrow at noon for our big move into 21500sf. Been working 70+ hours a week for the past few weeks and at least a few more of it to go. 40 or so cat6 network drops, building out rooms, running electrical circuits, etc. Today I ran the 2 240v outlets for the 2 main battery backups and a dedicated circuit from one of those to the printer room. Over the next few days we will move the printers, lam, servers, and a million other things over there. Going to be a loooong weekend for me...
     
  6. john1

    john1 Guest

    Congrats!

    All this huge move talk and I can't even catch a break lol
     
  7. Craig Sjoquist

    Craig Sjoquist Major Contributor

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    WOW ..Congratulations.. Would never have dreamed a shop that huge or the equipment & employees needed to pay for it all in my younger days.
    Would been a huge amount of lettering paint to deal with & a whole lot letters, just for one year lol lol

    Well enjoy & wish ya a whole lot of good luck & great fortune & good times, may you enjoy every bit of paradise on time off.
     
  8. artbot

    artbot Very Active Member

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    @mosh
    the two that i'm signing up with have been in a partnership since 1979 and their current business does over $8m a year. this model will feed into that model and have outside sales. plus the CFO also is an execution specialist and consults many large companies. and i've been working with these people for a long time.

    also, i have the foreman of a much larger sign shop down the road for consultation (their shop must be almost 100k square feet).

    @GAC05 that's the real estate agent (drove us around in his AMG s500)

    @sightline
    the move is going to be a money sponge, all that rigging and getting air lines and inspections... i'd assume it might be three months before we can actually just show up and work. congrats on the new shop as well!
     
  9. signage

    signage Major Contributor

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    Good Luck and I hope it is fun for you!
     
  10. Techman

    Techman Major Contributor

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    beware of the D's of a partner ship
    Death, drugs, disability.
     
  11. 401Graphics

    401Graphics Very Active Member

    Very nice building.
     
  12. ProWraps

    ProWraps Very Active Member

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    also make sure your biz partner doesnt get drunk and run over and kill someone then drive away with a nice hit and run.. dont ask.

    good luck!
     
  13. thesignexpert

    thesignexpert Active Member

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    Congratulations! All the luck in the world man.
     
  14. 4R Graphics

    4R Graphics Active Member

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    Congrats Artbot
     
  15. Sticky Signs

    Sticky Signs Very Active Member

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    Wow dude...
    Congrats and best of luck.
     
  16. Farmboy

    Farmboy Active Member

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    Very Nice! Good Luck!
     
  17. rjssigns

    rjssigns Major Contributor

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    Congratulations ArtBot.
    That shop is big enough where I could do 60 foot testing with my race truck.:omg:
    Now get that Limac running and give us some feedback.LOL
     
  18. SIGNTIME

    SIGNTIME Active Member

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    holy smokes thats alot of space to fill
     
  19. CropMarks

    CropMarks Member

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    I am part owner of a "3 person partnership". To me (my opinion), a 3 person democracy is the only way to make a partnership work. We're going on our 4th year and things are still going pretty smooth. We've grown from an 850 sq ft bldg to the 9000 sq ft building we're in now. We've had our issues here and there, but when one person is a little out in left field, the other two will normally explain their side and we can normally come to a compromise.
     
  20. Speedsterbeast

    Speedsterbeast Active Member

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    Congrats dude.
    Hopefully you will have time to continue to offer advice on here as well. I know you've helped me in the past.
    Good luck!
     
  21. tattoo.dan

    tattoo.dan Active Member

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    Good deal Artbot and Good Luck! Can't wait to see some pics of what you have done to that huge space!!! Congrats!
     
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