I am a Licensed R.E. Agent and I am considering going with an established broker to start a new R.E. company. The Broker has been in business before in this town and has a well known, established name. The broker wants to use his name but I feel like my name should be included in the new business name so I can establish myself also.
I will be paying 1/2 the costs and getting 1/2 the profits but I feel like I need to get my name out there so the public will learn I am part of this business. If I go down the road for whatever reason I want to have the name recognition from the advertising the current business will have done while I was there. Otherwise I would be statring out again as a no name newbie.
So what should I do ? Go with the established name or insist on a new name that includes my name for the new business ?
The original well known name is John Doe Reality
I want a name more like John Doe and Sally Smith Reality.
I assume you would go with “Realty” rather than Reality in the name. About the only advice I would give, and it’s not worth a lot, would be to make sure that ALL aspects of your proposed partnership have been discussed, agreed to and reduced to writing. I’ve never been in a partnership with anyone other than my wife (51% / 49%) and probably never will be. My family had partners in their businesses, but they didn’t last long before my family had to buy out the partners due to inconsistencies in work ethics, financial commitment, etc. I would say contact a good attorney before you commit either way. Consider the stats on partnerships of the type you’re considering. Don’t rush into it or you’ll be left with a lttle more than a bad name and an empty wallet.
How big is your area. If you can become a big fish in a small town the name means more than a small fish in a big pond. It may be more important in large areas to go with a franchised company. There are several companies in brokerage that combined names but I am not sure it started that way. I can think of a few but do not know the story of how they started. You may want to do some research on Keller Williams, Grubb and Ellis. Even musiv duos like Simon and Garfunkle Sam and Dave etc. I bet you will find that they were not together at first but joined forces or changed names after a while. I am using Longhorn in my company name as I love cowboy stuff and other folks like the horns here in Austin. Hind of just rambling and writing and thinking all at once. Hope some of it helps
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile