« on: May 23, 2011, 07:44:13 AM »
I have owned a business for 20+ years. The first few years were tough with long hours and doing most of the work myself. The old 90% of businesses fail in the first year weighed heavy on us (wife and I). There have been times when I wonder just why do I put myself throgh this. But overall, it's been a very good.
I'm going to give you a couple of things to think about. First and perhaps the most important, is your wife behind you in this? Is she going to be OK with you brewing on a Saturday night? Mine has been a very supportive to me. I have times when I'm extremely busy. With some one less than understanding, it would definitely be a problem.
Next, walk into partnerships very cautiously. Talk about who is going to do what. Who is going to get the profits? Are they reinvested in the business? If you are getting backing, draw up a contract that clearly spells out how much they get and when they can expect it.