If someone offered you the chance

BioHazardCustoms · #1 11-09-2011

Would you become a partner in a professional haunted attraction?

My friend and one of our best customers this year told me yesterday that his partner wants to get out of the business, and that he is looking for someone to help share the workload. He asked if we were interested in entering into a partnership agreement with him, so that he would have a couple of helping hands, and we would get a portion of the profits at the end of the season. I was just wondering if any of you have any input, opinions, or advice that you might be willing to share?

tcass01 · #2 11-09-2011

Would be worth a trip to an attorney to discuss the legal responsibilities. if you are signing a contract, you definitely need to make that trip. one "injury" to a spookie and you could loose your house in legal fees. Just food for thought.

joker · #3 11-09-2011

I'd definitely want to see the agreement terms on paper.

I enjoy being the mastermind behind our haunt. Partnering with someone else that's already established would more than likely mean loosing some if not all creative freedoms.

I'd be more interested if I had the ability to add my own attraction, but would still want to see the terms.

BioHazardCustoms · #4 11-09-2011

The guy is wanting me to come on as the creative side of things, as well as a helping hand with staff, repairs, etc..

I'll definitely be having my lawyer look over the agreement papers before I sign anything at all.

RoxyBlue · #5 11-09-2011

Short answer for me - no

A business partnership will include not just shared profits, but shared risk, liability, and probably expenses, as well as any employee issues. Those and many other aspects of running a business need to be weighed against what you may gain from it in terms of profits. I think it would be appropriate to ask to see profit and loss statements from previous years for the business so you have a better idea of the numbers involved. If those records haven't been kept, that's a potential red flag.

The other nontangible thing to consider is how you will feel about changing what you do for fun into a job. For some folks, that can be the unexpected disappointment.

debbie5 · #6 11-09-2011

Nope. I'd want to run my own show, literally. Once I hear the words "you will help out", I smell b.s. and hear screws turning.

hedg12 · #7 11-09-2011

Quote:

Originally Posted by RoxyBlue

Short answer for me - no

A business partnership will include not just shared profits, but shared risk, liability, and probably expenses, as well as any employee issues. Those and many other aspects of running a business need to be weighed against what you may gain from it in terms of profits. I think it would be appropriate to ask to see profit and loss statements from previous years for the business so you have a better idea of the numbers involved. If those records haven't been kept, that's a potential red flag.

The other nontangible thing to consider is how you will feel about changing what you do for fun into a job. For some folks, that can be the unexpected disappointment.

I couldn't agree more. A business partnership is like a marriage without the sex - all the responsibilities & headaches but none of the fun. It can also be a great deal, if both of you are sensible and tolerant enough to work out the inevitable problems with the good of the business at heart. How well do you really know this guy? Are his ethics in line with yours? (Not trying to cast aspersions on him - just something to think about.)

Vlad · #8 11-10-2011

I'd say no. On a simpler level, not even taking any of the more practical legal or business issues in hand, I don't do this for money. I've had a few hobbies in my life escalate to the point where they turned into business, and it ruined the fun in them for me. I do this for the TOTers and the love of it and don't want the evil specter of money to creep into it. think hard about the why you want to do it before you worry about dotting the i's and crossing the tees.

Frighteners Entertainment · #9 11-10-2011

A lot of good points were mentioned.

Nothing in life is free, everything you do has a risk factor attached to it.
As long as you plan you can limit some of the risks.

BioHazardCustoms · #10 11-10-2011

You've all raised good points, and for that I thank you. I've got a lot to mull over and figure out before I make my decision, as well as some of the business aspects of things that I need to learn.

Seeing as I end up selling a lot of the props we build right now, I've already turned my hobby into a sort of second job. I still enjoy it, but I am making money at it. Not sure how much that will change.

The advice you guys are giving is great. Thanks and please keep it coming.