Comments on: Mexican Shoot-out http://www.kashflow.com/blog/mexican-shoot-out/ Tue, 29 May 2012 15:42:30 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Karin H http://www.kashflow.com/blog/mexican-shoot-out/#comment-4337 Karin H Tue, 22 Mar 2011 16:09:38 +0000 http://www.kashflow.com/?p=518#comment-4337 LoL, in total agreement with Matt's first point about having rows. Ours (50/50 with better half) started even before we signed the deal ;-) Also decide (before signing on the dotted line) who's doing what in/for the business and take both responsibility for your own job AND don't be afraid to hold the other to account on his/her job (so be prepared to be hold accountable on yours). Still going strong - including strong rows from time to time - after 8 years in 50/50 share business. LoL, in total agreement with Matt’s first point about having rows. Ours (50/50 with better half) started even before we signed the deal ;-)

Also decide (before signing on the dotted line) who’s doing what in/for the business and take both responsibility for your own job AND don’t be afraid to hold the other to account on his/her job (so be prepared to be hold accountable on yours).

Still going strong – including strong rows from time to time – after 8 years in 50/50 share business.

]]> By: Mexican Shoot-Out: If Founders Fall Out http://www.kashflow.com/blog/mexican-shoot-out/#comment-4336 Mexican Shoot-Out: If Founders Fall Out Thu, 10 Dec 2009 18:03:48 +0000 http://www.kashflow.com/?p=518#comment-4336 [...] The really great bit of Duane’s blog was the Mexican Shoot out clause [...] [...] The really great bit of Duane’s blog was the Mexican Shoot out clause [...]

]]> By: Glen - Wavecrest Ltd http://www.kashflow.com/blog/mexican-shoot-out/#comment-4335 Glen - Wavecrest Ltd Thu, 09 Jul 2009 13:31:17 +0000 http://www.kashflow.com/?p=518#comment-4335 Having been in the position you were in myself, I agree 100% with your advice. Never ever ever go into a 50/50 joint venture with someone else however well you know them. It took nearly two years to finally agree a price with my former business partner for his shares in the company. Glen Having been in the position you were in myself, I agree 100% with your advice.

Never ever ever go into a 50/50 joint venture with someone else however well you know them.

It took nearly two years to finally agree a price with my former business partner for his shares in the company.

Glen

]]> By: Patrick Johnson http://www.kashflow.com/blog/mexican-shoot-out/#comment-4334 Patrick Johnson Wed, 15 Apr 2009 23:28:09 +0000 http://www.kashflow.com/?p=518#comment-4334 I'm liking Matts idea of having a tequilla drinking competition. whoever gets drunk enough to give in or even hand over the company first looses. simple. I am in business 50/50 with a distant family member however I am the boss. I call the shots and he follows that as i have more business experience than him. Sometimes i am wrong but luckily we haven't had to make any decisions that are extremely major neither have we fallen out after a dissagreement. I’m liking Matts idea of having a tequilla drinking competition. whoever gets drunk enough to give in or even hand over the company first looses. simple.

I am in business 50/50 with a distant family member however I am the boss. I call the shots and he follows that as i have more business experience than him. Sometimes i am wrong but luckily we haven’t had to make any decisions that are extremely major neither have we fallen out after a dissagreement.

]]> By: Matt Chatterley http://www.kashflow.com/blog/mexican-shoot-out/#comment-4333 Matt Chatterley Thu, 09 Apr 2009 07:49:44 +0000 http://www.kashflow.com/?p=518#comment-4333 And if you do (or must) go 50/50, financially, make sure: 1. You know your relationship with the other person (whatever that may be) is strong enough to withstand the fact that you are probably going to have _blazing_ rows. The longer it takes before the first one, the worse it will be. 2. You have an agreement in place (mexican standoff buyout, tequila drinking contest - anything) which can break a total deadlock and/or offer one of you an escape clause should they need it. My tip would probably be: Learn when to admit that you are wrong. If you believe you never are, then you need to admit your error right now..! The sooner someone puts their hand up and says "Uh. My bad...", the sooner the business (collectively) can recover, repair any damage, and move forwards. And if you do (or must) go 50/50, financially, make sure:

1. You know your relationship with the other person (whatever that may be) is strong enough to withstand the fact that you are probably going to have _blazing_ rows. The longer it takes before the first one, the worse it will be.

2. You have an agreement in place (mexican standoff buyout, tequila drinking contest – anything) which can break a total deadlock and/or offer one of you an escape clause should they need it.

My tip would probably be:

Learn when to admit that you are wrong.

If you believe you never are, then you need to admit your error right now..!

The sooner someone puts their hand up and says “Uh. My bad…”, the sooner the business (collectively) can recover, repair any damage, and move forwards.

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