Ever been a co-boss for a business?

Grant

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So, this is a relatively short story about my time being a co-boss/co-business owner back in the early 2000s, around 2003 or so. A friend of mine always wanted to start a movie rental store, so, we went in on one by renting out a shop near us. We cleaned it up, fixed it up, and started a shop. It costed us a lot of money, but we got inventory from a couple closed video stores. Yes, ironic, I know.

Anyway, we opened up, and had some interest early on, as we were in a highly populated area that didn't have a close video rental store yet. But, gradually we realized movies would start to be released digitally and we knew the time was numbered. Plus, it didn't help there was a family video that came a few years after us and kind of pushed us out of there.

But yeah, we rushed into a niche business that was dying slow at the time, but we didn't think it would be so far. But yeah, our time working together was great, but closing down was a pain. He didn't want to close for the longest time. We closed in 2012 actually. So we lasted very long. At that time I believe streaming was taking over. Everyone started to just go to family video, as they happened to be a lot closer to more of the community and they would always price match our prices or even go lower sometimes. We would do the same, but it didn't matter.

My friend was a bit mad about us closing shop, but it had to be done, and he knew it. We ended with a going out of sale deal, where we were selling blu-rays,DVDs,games, and even posters. We'd sell everything dirt cheap. I grabbed every movie/game/poster I wanted for my collection. I think Family Video is still around too. It survived Redbox.
 

Joshua Farrell

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Sounds like a great learning experience. Did you two make decent money?

I personally haven't ran a small business with anyone, so I don't know if it would be feasible with the current economy, unless it is something that everyone generally needs (like hair cuts, or a specific genre store, like a hardware store).
 
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Niftyyem

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You did last long and I am sure you had the experience of running a business even if you ended up shutting down. I have only had the experience of very small business run while in school because students were the customers and had to stop when school was over.
 

Abigael

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That was a great business you had and you lasted so long. It is great when the person you are co business owners with is someone you know well and you get along. That friendship makes business run well and you stay for long.
I have never been in partnership before. I hope to be in one if I ever get an opportunity.
 

Ehizzy1

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I think before you start a business you need to consider the area where you are building the business because this will help you
 
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vest1992

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I wanted to start a Video Production Company in Denmark with a student from arhitecture, but half way there he left me alone so we didn t forward our idea..
 

WhiteHouse

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yeah, the time I was running into e-commerce and running an online store (drop shipping) through Shopify, me and my friend were running it together successfully.
 

Nurudeen

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I have not been a co-boss in any organization but I might be one early next year as am planning to launch a small business with one of my friends in the neighborhood
 

adazeez1995

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I and my friend(an engineer) co-founded a plastic recycling business which operates with manual machines, my colleague functioned as the "chief technology officer". I made use of my initiative and we were able to get an office through another friend of mine. My partner was putting personal interests ahead of the farm and the soft loan which I personally sourced for from family and friends became a personal debt when the firm collapse. I will be very careful and hesitant to go into partnership again, no matter what I stand to gain.
 

Alexandoy

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One problem with partnership is the "boss system" that there can never be 2 bosses, just one will do all the time. I had experienced an informal partnership where my industrial partner is always intruding and interfering in the operation. My brother opened a business that is registered as a corporation but it is a partnership in principle. After some years he and his best friend parted ways due to disagreements in policies and in the business operation.
 

Ralphjoe

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No, I have never been a co boss to another business. Being a co-boss will mean in a partner to somebody in the business. Businesses with more than one owner as a problem of slow pace of decision taking and they will have to share the profit of the business.
 

singlej007

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You guys hard great experience as co-boss, I was thinking it was the other way round, having issue with your business partner, but this is all good experience with your colleagues, and I believe if you guys have the opportunity to business together again you will not hesitate to start.
 

Ehizzy1

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I and my friend(an engineer) co-founded a plastic recycling business which operates with manual machines, my colleague functioned as the "chief technology officer". I made use of my initiative and we were able to get an office through another friend of mine. My partner was putting personal interests ahead of the farm and the soft loan which I personally sourced for from family and friends became a personal debt when the firm collapse. I will be very careful and hesitant to go into partnership again, no matter what I stand to gain.
Well i think the best is to actually know the kind of partner you are actually dealing with before doing business with him or her ,because most are actually does not really have deep interest and passion for the business ,their own is just to cause issues and others in the business ,and that is a problem of partnership business
 

btaliat

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Not really and I am not even hoping to be one. I don't like partnership like that. The workforce may not be equally shared or equally performed or even commensurate with the remuneration. I prefer to be a sole proprietorship and be doing the job myself.
 

Richard92

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I have never been a co-boss for a business before but I have been a co-boss for a project work before and I know the challenges involve on how to manage individuals and material resources to produce a product or to actualise your dreams or objectives.
 

Ridorz

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I do not ever be co-boss before in life and I don't want to be. Though, I don't know what future's going to say but it's not in my planning to be a co-boss. However, your story makes me learn that we have made a proper research on any business we intend to do before we go into it.
 

Eodine

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No, I haven't been a co-boss but I have helped someone run a business while he was away infact it got to a time the owner stopped asking me to send daily reports but I left after a while because the renumeration was not encouraging.
 

Sariana23

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This experience will serve you in the future, as it leaves teaching and learning. Many times we do not think about the negative aspects of entrepreneurship, and we must not fail to evaluate and take the necessary measures. The next time you take such a decision you should try to leave everything in writing and endorsed by lawyers.
 
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