Partnership help please!
Hello, my wife and I own an 18 space mobile home park, 1 SFR, 1 Duplex, and 1 4 Plex. It was bank owned and in terrible shape, we've owned it for 5 years and it's currently 85% occupied and making money. (Thanks BP!! đ)
In 2024 we partnered with a family member, call him Travis, and he has taken over the maintenance and improvements. We have 8 kids and I want to spend more time with them so instead of selling we decided to partner. If it was up to me I would just given the whole thing away and forgot about it but my wife, thankfully, has the brains to think logically and not give up everything we've worked for.
We were pretty hesistant to lead Travis on with big expectations so we started the partnership with $1,000 buy-in and 5% ownership with the promise of being able to increase the partnership in time. We're now wanting to set some benchmarks for Travis so he can work towards earning a larger share of the business. To be fair, Travis really wants this too. Travis is a true craftsman with extreme humility and wisdom beyod his years. So far it's been a huge win-win and we couldn't be more excited for the future and I want this to last.
The questions I have is what would be some good measurables for Travis so he can aspire to bring more value and therefore earn more ownership?
Thanks!!