Episode53 – Is it smart to take on a partner in a business?
In all the years that I have been in business I have yet to see a partnership last. I’m not saying they don’t work, but it’s rare.
And partnerships usually don’t last because one partner can’t handle the stress of growing the business. When the going gets tough, one partner quits before the business takes off.
All businesses are going to have ups and downs. If you have 2 equally strong partners then you have a chance. But it’s unlikely.
Sure it’s tempting to take on a partner, especially if they are coming in with all the money. But that partner will not treat you as equal. They will look down on you because they came in with the money.
Ego gets in the way and partnerships suffer from it.
Its sad to because friendships get ruined in the process. Same as a marriage. Once you get divorced all hell breaks loose. Money is wasted, and lives get ruined.
If you want to start a business take 100% of it. That way you are the only to blame when the business fails because you quit.
So yes, I would not recommend a partners in business. If later down the road, after the business is established you want to take on a partner. That may work, but only after the grinding it out phase.