Anyone here ever lost a business to a co-partner?

[Thinker009]

I have been in a partnership business before and I have lost a co owner who was very untrustworthy at that time. He was fond of always buying cheap products lower than the budget so that you could go get some money.

Anytime I find out that the partner is really not trustworthy, I think the best option would be to terminate the contract , because such partner could have a negative effect on the sucess of the job

 

[Nurudeen]

I really can't tell you that I have been in that position before just because of the fact that I really don't like going into partnership with people when it comes to business

 

[Senator]

I have never lost a business to a copartner before because I actually never had a copartner in any business at any time before to begin with

 

[Grandeur]

It would be a sad experience to loose a partner one is running a business with especially if the said person was an active partner but the business must continue, that's going concern concept.

 

[Yusuf1]

Yes i have lost Business to a co partner before and it was a bad experience just because of the fact that I didn't monitor the Business the way I should have monitored it

 

[Mayox25]

When going into partnership there should be written agreement and the stake of the partners be spelt out,profit sharing, and liability legally binding.

 

[Chibson]

I have not really been in a business with anyone, but I think before anyone ventures into any business with anybody he or she should be trusted.

 

[kayode10]

I think one of the way to prevent losing your business to the personal is to enter into a concrete agreements that whatever happens the partner will not have access to entire business shares.

 

[Kingstone]

Although it hasn't happened to me, I know the effect will be devastating. Some people are not just to be trusted and if you do that in a business, be bound by a contract so that both partners will have a limited degree of ownership

 

[kayode10]

A brother has lost a business to his partner few years ago because it doesn't know about the contract they signed right from the onset. And it is been stated in the contract that the business will belong to the other partner if any one of them can't fulfill his own contribution.

 

[Chibson]

it is very important and necessary for you to start any business with someone your trust because a lot of people can betray you and take the business.

 

[kayode10]

I think it is very important to look at the documents before you sign a partnership with someone else. you can even hire a contract lawyer to go over the documents and explain things to you in a layman term before you.

 

[Jlife]

I think it is very important to look at the documents before you sign a partnership with someone else. you can even hire a contract lawyer to go over the documents and explain things to you in a layman term before you.

Well this sort of thing rarely happen especially over here but I don't know how rampant this is in other countries because here all the documents must be signed first before partnership business is being establish.

 

[Solutionav]

So, sometimes people invest into a new business by joining friends or colleagues. And sometimes, when things go good, one of them backstabs the other, either by going behind their back to get the company or by trying to push him/her out.

Has anyone here been swindled by a partner? I haven't myself, but I have worried about it in the past.

I can't say I have such experience but I have heard of a man that involve his class mate in his business just to help the class mate live a better life out of greed he saw the growth and the profit of the business he almost killed the business owner

 

[Richard92]

Partnership in any business venture should be based on mutual trust and integrity and when this is not present,it will be a matter of time before things will collapes.Where i once worked,i encounter similar issue,where the founder of the business accused a partner of trying to take the business away from him,which was'nt true,and at the end of the day the partner left the business and the founder later regrets his action.

I never lost a business to your partner before and I don't think it will ever happen because I have this innovative and creative mind when I'm into business.

 

[Hena101]

I haven't experienced such but a family friend did. His bosom friend went behind his back and attracted clients to his new business at the expense of collapsing the joint one he had with him.

That's very unfortunate more especially that its someone you trust and even having a business doing together, it's very hard to find someone to trust.

 

[Setfragil]

I have never lost a business to a partner because I do not like to partner with people no matter the situation of my business. In will rather borrow a loan to finance my business than partnership.

 

[tyrim88]

I never lost a business to your partner before and I don't think it will ever happen because I have this innovative and creative mind when I'm into business.

It is good actually to run your own business if tou are not very comfortable with bringing in a partner.This will altimately depend on how far and large you would want the business to go.Because there will come a time that it will be very neccessary to expand,and the only option to do that is to bring in investors with great ideas.

 

[Niftyyem]

That's very unfortunate more especially that its someone you trust and even having a business doing together, it's very hard to find someone to trust.

Yeah! I have to state that the times are so bad that even one's kin may not be the best person to trust talk less of a friend, colleague or acquaintance.

 

[Dashpiku]

Yeah! I have to state that the times are so bad that even one's kin may not be the best person to trust talk less of a friend, colleague or acquaintance.

I lost my father's business last year due to pandemic. That was really hard time because there was no sale. We have clothing shop and we have to shutdown. I hope we can revive our business when the lockdown is over.