I did this sort of thing when I was installing full time, just before adding carpet cleaning. Each of us where pulling a good days worth of work, but our employees were not reliable. This forced either of us to join the other for the day, which cut into profits. We decided the steadier money working together was better than being at the mercy of our help.
This worked well because we never had to advertise our services. Give several retailers a few days per week and just show up and work was there. This is when I learned the power of referrals. We would constantly be asked for by clients to install for them and their family and friends. We decided to "add-on" carpet cleaning to our list so not to compete with the flooring retailer, but compliment them and us, of course.
I did the research and decided a truckmount was the way to go. His credit was poor and I was relied upon to lease it and pay for another truck. As we slowly grew, we added employees, again. Each of us had a helper and I floated between cleaning and installing. Thats when the problems started.
If I finished my day first (labor), I was to meet him to help his crew finish earlier. But what I failed to realize, is that since we had employees, I had payroll to do, bills to submit, and, I wanted to grow the cleaning part, so market too. This happened AFTER the labor day was done! So needless to say, I put way more hours into the company than he. He saw nothing wrong with this since I didnt have kids to get home too.
It all ended after he wasn't happy with the pay he was receiving. We paid our employees, supplies, I secretly kept a little money in the account to reinvest into the company, and then we split the difference each week. Many times, I invested some of my pay back into the company. I explained all this to him, he was angry and I told him to leave. He resorted back to the retailers with one helper. I let go of the other, kept 2 trucks and the cleaning equipment...even the stuff we purchased together through the company. My attorney had him sign off on his share of the business.
This (2001) is when I really started to flourish! Me, myself and I working for me, myself and I. I'm having a hard time deciding which direction (employees or O/O) to go in when I rebuild in Arizona later this year. But, I have decided NOT to take on another partner ever again!
I'm not saying that the perfect few people cannot make a partnership work. But, I think stories like mine are the norm. Good luck!
