First off my apologies as this is likely to be a fairly lengthy post.
A bit of background; I have no intention of trying to replace my current income as that would require that either we get usually lucky, or win the lottery. What I would like to eventually work towards is a source of income that will allow me to pursue my hobby without compromising our current financial status. My wife and I have two teenage children whom will both need substantial parental support as they enter college in the next 3-7 years. As to my good friend, she will likely look to photography to augment her and her husband’s financial situation as he does not have a very good job; in fact is currently working (2) jobs while she does her best to raise six children with numerous side jobs as she can. We both share a love of Photography and have been very good friends for the past 7-years; her husband and I are both heavily involved in the Boy Scouts as adult leaders and we share most holidays together as families camping, backpacking, and other outdoor activities throughout Northern California.
Here are my thoughts regarding a business relationship; I would appreciate your input as to the pros and cons since I have mixed feelings due to the many complications that can arise from partnerships that have a friendship basis.
First and foremost we agree to split everything 50/50 regardless of the source; currently we will be targeting the HS senior market, and family photography in outdoor settings. She does not currently own a reliable DSLR; her XT is on its last leg. We will be utilizing my very humble gear to start with; she will focus on her strong attributes that include: sales, marketing, and through her older teenage children building a base of potential clients.
My strengths lean toward the more technical aspects of running a business; time management, financial backing to some extent, third garage to build a studio, photo editing, ect. I have drawn up a business plan that we will sit down this weekend to discuss at length; I would like some feedback to help vet out anything that I have not thought of, since protection of our friendship must take the highest priority.
Thanks in advance for any advice, comments, and/or questions that you can provide me with to help.