Should i go into business as co-owner with a lady that i currently booth rent from in a nail salon?

Question

I have been both renting from this lady for a little over a year now. I pay her $300.00 per month basically just to be there and for my table space. The owner has been in this same location for about 8-9 years. She has not invested in it and the place looks like a dump considering how long she has been there. The place is attached to a hair salon and it has alot of walk in customers, this is primarily why i stay and i get along with the owner. As of recent she started looking for a new salon and her reason is that she wants something that is in a better location and less "ghetto" atmosphere. She asked me if i would want to be partner, but what gets me is that she is going back to school for social work after working for the past 10 years for herself as a nail tech. I have my reasons why i dont want to take her up on her offer, but i would like some honest opinons from others just to see if i am on the right track with my thinking regarding going in as co-owner.

I get along with her, but i dont know if this is a good enuogh reason to partner with someone.

Answer 1

Based on your information, I can see no reason why she would change and she'll just take her bad business ethics (keeping the place like a dump) to the next location. Even if you make the decisions which I doubt she'll go for, you'll still have a problem.

Go with your gut.

Get out while the getting out is good and find another partner and grow your business.

Answer 2

If it doesn't feel right, don't do it.

She wants your money in the business, but it is her business idea. If you are happy to hand over money for that business which she will run, then do it.

Alternatively you can cooperate in the same way you are doing now, with your rent offsetting the costs of her business. Then you are free to make your own business decisions and cut and run if you like.

If you want to expand your business, maybe find other people to do business with.