065 - Partner or Not to Partner
Partner or no partner? Today we decide if the risk is worth the reward in sharing the responsibilities, earnings, and title. If you’re thinking about bringing someone on board to become a 50/50 partner, listen to this episode to learn if you’re doing it for the right reasons and for the long-term success of your business.
Show Notes
Why bring a partner on? (1:45)
Why not to bring a partner on. (3:20)
The necessity of an attorney. (5:30)
What you should be asking yourself. (7:50)
Quotable Moments
“The only ship that won’t sail is a partnership.” – Dave Ramsey
“Partnership conflict is the second leading cause of stress for small business owners.” – M
“Everybody has ups and downs and if you bring a partner on who’s opposite on that curve they can help stabilize things.” – M
“Partners are expensive.” – M
“The partner we bring on today might not be the partner we have in the future.” – M
“Partnerships are really easy to get into and even if they’re just handshake partnerships, they’re also hard to get out of.” – M
“If you do bring on a partner, do not formalize any arrangements until you’ve had the tough discussions and only then if you’re having them in front of a qualified business attorney.” – M
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