Re: small business - becoming a partner question
You need to be smart and careful about taking advantage of what could be a life changing new adventure.
Remember a few things to guide you along the way...
People don't own businesses to make other people rich. Successful business people find talent ( you) and hire them....BUT.. sometimes you find a person who is interested in helping others develop, and look to manage talent and help a young person they like get started.
If that is the situation, then this opportunity may work...
My advice would be to have an EXPLICIT agreement...no, not naked pics of girls, but a spelled out contract. Do not accept a handshake or promises.
Implicit, handshake agreements can hurt you. The business may do very well under your guidance, and all of a sudden, your "Partner" does not want to share.
One of the keys to a partnership is financial exposure. Will you be putting up some money?
If you have no money, but want to have a share of the new business...
Your partner can give you a loan.
You can develop a schedule where your share is earned based on performance.. like, if you meet certain goals, you get 2% of the business, with a 10 year agreement, with a sliding scale... like 2%, 3%, 5%, 10%, 20% for consecutive years of performance.
You can borrow money from your family.
You can negotiate part ownership as compensation. Like, pay me $5,000.00 a month, but $4,000 in cash, $1,000 goes toward a percentage of ownership.
If you do become a partner, know going into the arrangement what happens if you dissolve the partnership... how is the business valued? What events allow you to bail or force the other guy to bail? Can you buy him out?
Thats all I can spew right now off the top of my head.
Remember, your mileage may vary. Good luck.