Partnerships for racing operation

[wideopen231]

Figure a few here have had or do have a partnership race deal.

I have a fellow wanting to possibly do a deal where he supplies money for entry,travel and some of the cost for running car. I supply car trailer, truck maintain car,parts for car. He wants to attnde some races and work on car some and get company exposure so it is tax write off too of coarse,


While I am not craZY ABOUT IT IT WOULD CLEAR ONE obstacle of running the car more and allow me to get some parts I want for the car and a few backup parts. I think keeping ownership of all parts and pieces seperate is a plus in case shyt happens.

If you have had a partner in racing good or bad lets chat some. If you have not your opinion will be taken at face value to speak

[Supercat]

I own the car and have a partner/sponsor deal.
So far so good.
PM your number and best time and I'll give you a call this week.

[wideopen231]

pm sent

[Finnish Fireball]

Whenever money is involved put everything down on paper, make a written agreement. Protects both parties and saves from unnecessary arguments when memories start to fade.

[JEFF/21C]

be sure even if it's a friend that your on the same page , twice that i've been envolved with a partnership in racing it didn't work out there can only be one boss!

[tcoupekyle]

It depends I think on the outlook of both parties.
I have two “partnerships” they work out well.
One is very mild the owner of a business provides me a minimal amount of money basically fuel cost
In exchange his logo is on the car. Pretty large. Because we both know there is only so much value I
Can provide his advertising dollar in Motorsports.(plumbing company) So I do some events for him here and there, car shows, and things like that.
The other much larger partner is a transmission shop. He does all my rearend and trans work free, as well as chassis work and a huge help with the cost of parts. I also can load my stuff in his trailer if we’re traveling to the same race, there’s money exchange sometimes, sometimes he pays my entry etc etc.

I have nothing written down and I have almost zero expectations. I don’t mind the logos painted on my stuff and I’ll take any help I can get. But it’s not a 50/50 or 60/40 or 90/10 endeavor it’s simply some people with a desire to help and I try to get their advertising dollar some value. Or at least I try to create an atmosphere at the racetrack that makes them feel it worth it. Like make sure if they come to the race I got plenty water, food, nothing crazy just try to make sure there have a good time.

[JEFF/21C]

i was talking about when major partner that has hands on and has his own ideas on how things should be done or when two teams merged that shared shop space for years every thing changes Didn't turn out well!

[wideopen231]

This deal is more of money to cover cost type . He does want name on carf so can deduct as promotional, xxxx just common sense there.  He laughingly said letting him work on the car is not the best idea unless needs a bigger write-off.. Reason he offered up was knowing my history of racing hard nothing held back and winning is what counts. Also stated that if nothing else I do out on a show. My comment like smoking and bandit.I do what I do best show off.

Whi;e I agree everything ikn writing best. How do you write up you own nothing and who wants a record of one getting any money if using the deal as a tax deduction? Plus most I can see happening is money getting cut off and that probably require stupid on my part. I am making list of what to expect and at what level cost will go up like big money bracket race(example).

[JEFF/21C]

that is like having a sponsor!

[Dave Koehler]

In the early going I had a car that a friend helped me on quite a bit. As a show of appreciation I put his name down as crew chief and put the name on the car along with mine.
All he did was help. Truck trailer, car, travel expense money invested anywhere was all mine.
When it came time to sell the car and move on he demanded some of the money from the sale.
Think long and hard about such things and get it down on paper for certain. He didn't get it btw.

Best advice is do it all yourself even if it takes longer.

Best partnership I had and even then it was real iffy is where I owned the car and the partner bought the truck and trailer.
He came out better financially than I did. chuckle.