Entry of New Business Partners/Owners - CapitalQ

Entry of New Business Partners/Owners

Having business partners is difficult, don’t let anyone ever tell you differently. One might say it’s like a marriage but without the good bits after dark!

So first things first, think long and hard about why you need a new business partner. Being mates is not a good reason. Nor, arguably, is because they have ‘done the time’.

But, if there is a real synergy, then by all means.

(It is probably important at this moment to clarify a little, given my apparent negativity about business partnerships. I have seen way more business partnerships fail, or at the least cause substantial heartache for all involved, then I have seen ones that worked. That is an unfortunate reality. And the other reality is that this occurs firstly, because they joined forces for the wrong reasons, not good business reasons, and secondly because when money is involved and as the amount of money grows, everyone becomes self-interested (naturally) and this is when tension arises.

Having said that, in my new business venture in the Early Learning and Child Care space, I have gone into business with two other partners. And, thus far, it is working absolutely fantastically well. Sure we still have our disagreements, but so far we have been able to work through them in a measured approach. The reason we can do this is that we complement each other so well, and we all know each brings their very own, unique skills and experience and expertise to the table, skills the others don’t have. And we know that as a collective we are more valuable together than separated.

So business partnership can and do absolutely work! Just make sure you enter into one for the right reasons. Duncan)

Having considered our warnings you decide to proceed with the entry of a new business partner, congrats and good luck. Now how is that achieved, and how is it achieved without incurring unnecessary and substantial tax consequences nor administrative headaches.

That’s where we come in.

Accounting & Tax

What our customers say

Logo for Craig Wilschefski

I was headed for ATO disaster... but thanks to CapitalQ we nipped it in the bud

I know everything there is to know about the services my business provide, and I know how to do it well and how to grow my business. But I know little about, and don’t want to know about, the tax and accounting and administrative side of things. As a result I was always behind, always struggling with paperwork and administration that I never came close to managing or getting on top of. CapitalQ worked with me to get my head above water, then to streamline that side of my business and manage much of it for me. A huge weight was lifted from my shoulders, my stress levels completely subsided and life was great. The result … an unsolicited buy-out offer for my first business (which I accepted) helping to set up financially me and my family for life. I have now started my second business, and they are doing it all over again. Business profits are growing, and I am once again fighting off suitors!

Craig Wilschefski

Founder and Director of Home Loan Republic and Finance for Fitness

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