Before you leap think seriously about the partner you choose. Use your intuition or your guts to guide you, as the guys might say, and get it all in writing first.
Once you leap you’re in real deep.
Partnership can be like a marriage. I’m sharing my own story to illustrate this point. 3 1/2 years ago I made the mistake of leaping without practicing what I’m sharing with you in this blog. Now I’m dealing with the costly consequences of not checking in with my higher power before making such a critical decision in my life.
I’ve known my partner for 14 years and against the still small voice within, who was screaming ‘NO’, ‘NO’, ‘No’, I signed on the dotted line next to him. That was it, Fatal Mistake #1. I paid my 1/2 of the down on the condo ($48,000) we bought together, and he has yet to pay a dime. I should not have written my check before he wrote his.
Fatal Mistake #2 Be sure to sign a partnership agreement BEFORE you sign next to your partner. The ink was barely dry when my partner refused to sign our previously outlined business agreement which included the intentions and protection of the parties involved.
Your agreement should outline such things as; the intention of use, what to do if the partner dies and the family becomes your new partner – YIKES, what steps to take if either one of you do not abide by your agreement, what to do if your partner is no longer able to work, and most importantly what jurisdiction is designated to hear partnership grievances.
For over 3 1/2 years my partner still has not paid his share toward this investment and yet he uses it as his own private bachelor pad, telling all that he bought me out and I have nothing to say about what goes on. He’s also informed the mortgage holders that they are not to speak to me.
When I visited the condo in March of 2014 my partner had earned the reputation as a drunk in the village, and it is said that he has some pretty low-life types in the condo partying into the early mornings. Recently, with a stick, the centrally-wired smoke detector was smashed to bits and was found hanging from the master bedroom ceiling, costing me $500 in repairs.
To make matters more difficult this challenge is all taking place in San Felipe, Baja Mexico? What would you do? I thought I’d ask you before I share more of the story. You will definitely want to keep reading because you won’t believe how this craziness unfolds. See you in the next blog.
