multiple owner/operators for TLB around homestead....Good Bad or Ugly?

[Industrial Toys]

Man, that's some REAL equipment to have. What a man could do!

 

[ofenback]

well dog my cats!! it's almost unanimous! I am truly laughing out loud!! I guess I didn't expect a great response but this is impressive.

If I had asked "what's the best machine for ____?" "or who makes a good ____ for under $$"? I would have gotten thousands of different opinions, but ya'l formed like Voltron on this one. seems like I'm the only one who thought this was possibly a good idea.

well, that's why I signed up for this place...to learn from the mistakes you all made!

there are other factors that influence the situation and make it better then the average neighbor messing up my expensive stuff but I like the ideas above better. i'l have to scrape the $$ together myself somehow and that will simplify everything.

then when I do work for them at a neighborly discount i'l be THE MAN!

sincerest thanks to all of you strangers who took time out of your busy days to construct thoughtful replies my question. i'l keep ya posted on how things turn out.

see ya round campus!

 

[deezler]

As a business person, I say "no no no" to partners in any undertaking. Even among rich, experienced business folks, most partnerships end in lawsuits.

I mentor entrepreneurs, and I've observed something. People think they need a "partner" when starting a business or some other undertaking for one reason: Fear. They may lack the self-confidence to do it by themselves. Or they're worried about the financial or time commitment involved and they think a partner will spread the $$ risk, lessen the work, and double the chance of success. When in fact the opposite of all that is true.

So first thought is, your desire for a partner really means you're not sure buying this machine is such a great idea, so you want to spread the "risk" around.

If you're sure buying this machine is such a great idea, find a way to do it on your own.

Man, this is some wise analysis here.

I split my tractor with my neighbor/buddy, 50/50. Why? Because I thought I couldn't really afford it on my own. I was quite wrong, that extra $1k down and $90/month would have been pretty easy to incorporate into my budget, but I was pretty afraid of debt at the time.

Now, I'm basically trapped in a shared ownership with him, because its all the tractor he needs so he basically never wants to sell it. We are pretty good about communication on maintenance, sharing the seat time with it, changing rear implements, etc. But I would like to upgrade at some point, and keep the machine in my garage instead of the old shed halfway between our homes.

If I could go back in time, I would go solo with it to avoid the stress and conflict of sharing a delicate and complicated piece of heavy machinery. You can finance the extra cost you were hoping your neighbors would pick up. Then you get to keep the machine at home and know exactly how it has been used and maintained.

 

[Ritothebull]

well dog my cats!! it's almost unanimous! I am truly laughing out loud!! I guess I didn't expect a great response but this is impressive.

If I had asked "what's the best machine for ____?" "or who makes a good ____ for under $$"? I would have gotten thousands of different opinions, but ya'l formed like Voltron on this one. seems like I'm the only one who thought this was possibly a good idea.

well, that's why I signed up for this place...to learn from the mistakes you all made!

there are other factors that influence the situation and make it better then the average neighbor messing up my expensive stuff but I like the ideas above better. i'l have to scrape the $$ together myself somehow and that will simplify everything.

then when I do work for them at a neighborly discount i'l be THE MAN!

sincerest thanks to all of you strangers who took time out of your busy days to construct thoughtful replies my question. i'l keep ya posted on how things turn out.

see ya round campus!

So now all you have to do is go back and tell your neghbors thanks but no thanks because all the guys on the tractor forum said you cant be trusted. :cool2:

 

[crashz]

but ya'l formed like Voltron on this one. seems like I'm the only one who thought this was possibly a good idea.

Best line ever!

BTW - I agree with everyone else except from the guy that suggested borrowing the money from the neighbors.

 

[Ortimber]

View attachment 556288

Man, that's some REAL equipment to have. What a man could do!

Yep, we can get a lot of clearing done with that thing in a hurry.

It’s not a machine that my dad or I would’ve bought on our own, hopefully our partnership won’t cause any hard feelings.

 

[bdog]

As a business person, I say "no no no" to partners in any undertaking. Even among rich, experienced business folks, most partnerships end in lawsuits.

I mentor entrepreneurs, and I've observed something. People think they need a "partner" when starting a business or some other undertaking for one reason: Fear. They may lack the self-confidence to do it by themselves. Or they're worried about the financial or time commitment involved and they think a partner will spread the $$ risk, lessen the work, and double the chance of success. When in fact the opposite of all that is true.

So first thought is, your desire for a partner really means you're not sure buying this machine is such a great idea, so you want to spread the "risk" around.

If you're sure buying this machine is such a great idea, find a way to do it on your own.

This is so true. When I started my business in 2007 I was afraid. I needed more money. I searched out partners. They wanted more than I was willing to give up and I am so thankful for that as I own 100% of it now. I can't imagine having partners at this point. I love being the boss and doing whatever I want no matter how crazy it may be. Funny thing is the guys who I was considering partnering with are still friends and business associates today. I doubt I could say that if we would have became partners.

 

[bdog]

One thing to add for OP that might not be a bad idea. If you need funds and you neighbors need work done maybe go to them with a prepaid service type deal. Lets say you charge $75/hr to perform work for others using your machine. I am just pulling this out of my hat I don't know if it is accurate in your area. Tell your neighbor you need funds to buy the machine and if they will prepay for hours of work you will do it for $50 an hour. This would allow you to raise money to get the machine, maintain 100% ownership, and get them work done at a discount.

I did a sort of similar deal in the first year of my business. A wealthy customer had a ton of work to do and I needed 500k of equipment to do it. He bought the equipment and I did the work for him at a discount using his equipment and then I rented it from him for my other jobs until I built up enough reserves to buy it. It worked well. We did millions in revenue off that deal.

 

[GirlWhoWantsTractor]

This is so true. When I started my business in 2007 I was afraid. I needed more money. I searched out partners. They wanted more than I was willing to give up and I am so thankful for that as I own 100% of it now. I can't imagine having partners at this point. I love being the boss and doing whatever I want no matter how crazy it may be. Funny thing is the guys who I was considering partnering with are still friends and business associates today. I doubt I could say that if we would have became partners.

Good for you!

All that being said, I actually DO have a partner now.

I started the business by myself, but after a few years I took on a very trusted long-time friend who had proven some things:

-His support for me and dedication to the business over time,
-He had valuable skills to add,
-He was willing to quit his day job and devote himself to the business,
-The business had grown to the point where help was necessary,
-And most importantly--I had 100% trust in him not to pull any fast ones, as he trusts me also. (This is where partnerships usually break down)

There was no cash infusion involved BTW. Most of the factors above are missing with partner deals.

Years later it continues to work out well. I can go on vacation for a month and he takes over, and he can do the same.

I'm still the boss.

But I believe we are the exception that proves the rule: no partners.