Why Form a Business Partnership

Show Notes:

• [0:00:39] Intro | Timely Topics
  • Last time on AIB...
• [0:04:09] Benefits of Starting a Partnership Before You've Started a Business
  • You don't have to be good at everything.
    • You can lean on your partner to fill in the gaps.
  • Look for someone who brings skills to the table you don't have.
  • Feel out the relationship with the potential partner before overcommiting.
    • You ideally want a partner with similar enthusiasms and energy levels.
  • Even if you get along, if you can't agree on the vision...that's a huge red flag.
• [0:20:36] Trust is Essential
  • If you have one thing, let it be trust.
  • Stress equity and sharing the load.
  • Spend time in your strengths.
  • Sustainability is just as essential as trust.
  • Ideally, the people you partner should be of the same calibur of people you'd trust your own child with.
  • Conflict has a greater cost in partnerships and friendships.
• [0:28:21] Parting Thoughts
  • What's the right partner percentage?
  • What's the right number of partners?
  • Evaluate, discuss, be transparent.
  • "A friendship founded on business is a good deal better than a business founded on friendship."