Should You Take On a Partner?
When you consider taking on a partner, ask yourself, "Can I do it on my own?" Have a clear picture of where you want to take your business, how you'll get there and how quickly you need to arrive. If you can realize that picture by simply hiring people to help, it may be okay to ride solo. However, you need to consider all aspects of doing it alone, including the pitfalls of having only employees with no vested interest in the company's success.
Ask yourself, "Even if I can do it myself, do I want to?" There is both an emotional and a practical aspect to consider. They often aren't aligned. The emotional one requires you to look inside to determine what's really important. Even if you achieve greatness by yourself, would you like to share the triumphs with a teammate who has a similar vested interest. Emotionally you may choose a friend or relative, since it feels comfortable. But if that person's values, vision and culture aren't aligned with yours from a business perspective, any adversity could cause a huge rift, both business and personal.
On the practical side, even if you can do it on your own, would you prefer not having to do 100 percent of the work? Some people don't mind sharing a portion of the company to keep from doing it all. The question then becomes, "How much do I share and do I know what this person will contribute?" When you identify your strengths, weaknesses, and unique abilities, try to partner with someone who can balance your weaknesses and share the load evenly.
Before you agree to work with a partner, ask yourself these questions and think hard about your answers:
- Can I share the spotlight or be under a microscope?
- Am I willing to share the decision-making power?
- Am I able to lead by myself?
- Am I willing to respect the boundaries and needs of someone with ownership in the company?
- Am I willing to take a minority stake in the company or do I need a majority?
- What are my strengths? What do I not like to do?
- What are my ultimate goals for this business?
- Am I able to bear the entire weight of the business on my shoulders?
Any venture you embark on involves risk from unknown variables that come with a new business. Adding a partner increases those unknown risks. A person can get lazy and not uphold his end. Neither of you is wholly accountable for what could go wrong, so partnering creates a false sense of security that you don't have when you start solo. If you and your partner don't work as hard as possible together to launch the business, it can fizzle and die. Unless who is accountable for what is spelled out in your partnership agreement, there is no captain to steer the ship of the business. Fingers pointed at each other do no good. You and your partner must both be fully committed and ready to do whatever it takes to succeed.
Don't jump into bed with the first person who gets excited about your business plan or who has cash to invest. Spend time together to assess the kind of personality you'd be working with. Does anything annoy you? If so, will it only get worse under pressure? Make sure it's someone who can be a team player and complement what you bring to the company. Check references. Ask why this person wants to be your partner. The wrong partner can sink your dream fast. The right one can create a harmonious team, making the game much more enjoyable, rewarding and productive.
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