My husband venture not with 1 but 4 others to do their small startup business. At first everything is ok, but when the Covid-19 started. They were hit hard. Thankfully, my husband came to several ideas to sustain their business.
The three partners are like a shadow, they follow and doesn't do anything. They were just there because they invested some of their money.
The other one hides for 1 year and decided to quit quietly. When they saw the business getting better and having a consistent cash flow, the three other partners celebrate their joy, but the other one who previously quitted, came back asking to give him a role at the company.
Then, slowly, he took over of everything, from budgeting to managing the business. When my husband realizes that he is using the business for personal gain, he quitted.
Then everything falls apart and the business turns south.
We learned the hard way. Although not all the partners will become greedy. It is difficult to know their true colors at first. Their true skin will only show once they see the money flowing.
If you know the business, just do it alone. It will be hard at first and the growth would be slower, no friendship or relationship will be broken.
As my sister (she's a lawyer) testified and experienced, best friends, relatives, go to court and fight for money.
If you want to have a peace of mind, do your business alone. Whether you're a man or a woman, do it alone.
The same experience happened to a restaurant owner beside me. Because of partnership problem, she was force to closed her previous restaurant and start anew.
Don't be fooled because you think you fully know the person. You'll only know them once the money is involved. Do you want to take the risk and join a lot of people who experience the same thing?
If you think you need that person for their talent, just hire them and give them a salary, that way, they know their place and won't take yours.
I'm super busy - I don't really have a time to write. But, I'm doing this to document everything so, when I retire and one of my kids pursue a business, they can go back here and pick some advice.