Should you bring in a partner to your business?

In the early stages of building a business (or a romantic relationship, for that matter), everything seems new, everything seems exciting, and there’s plenty of optimism to go around.

 

In both of those situations, however, eventually the novelty of something new wears off and you’re left with the reality of a partner and what they bring to the table (or don’t, as the case may be) – and that’s usually where you find out whether or not this partnership was the right move to make.

 

Thankfully though, there are things you can do to slow things down before you bring a partner into your business that is a lot more challenging to pull off in a romantic relationship. Here are some tips and tricks to help you figure out if it’s time to bring a partner into your business or if it’s a good idea to continue down the road as a solo operator.

 

Do you have a personality that “plays well with others”?

 

The number one reason that partnerships fail when it comes to business (or any other kind of relationship, for that matter) is because of individuals that go into these relationships with the best of intentions never realizing that they themselves have a personality that just isn’t all that conducive to playing well with others.

 

If you have control issues, if you have micromanagement issues, or if you have a perfectionist kind of attitude that won’t accept anything less than the very best – and the need to have things done your way or the highway – the odds are pretty good that you’re not going to do well with a partnership.

 

Do you appreciate the power of leverage and want to focus on strengths rather than building up weaknesses?

 

If, on the other hand, you understand and appreciate the fact that no one gets to the highest heights all on their own (even Michael Jordan and Tom Brady have coaches and teammates that have allowed them to get to the highest heights) and that it’s possible to lean on the skills and strengths of someone else to cover up your obvious weaknesses so that you can then focus on your own strengths the odds are good that you’ll benefit from a partnership.

 

At the end of the day, you’ll have to think about exactly what you’re getting into before you dive right into this kind of arrangement. Always (ALWAYS) draw up documents that outline expectations for all partners and exit strategies before you sign on the dotted line and you’ll be able to avoid a lot of headache and hassle going forward.