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The value of a business partner

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Topics relating to managing people and relationships

CanadianTrucker

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Jan 22, 2020
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I have found tremendous value in having a business partner. It has to the RIGHT business partner.

What value can the right business partner bring?

TRUST
Lifelong built trust, If my partner tells me something i never second guess whether its the truth.
It goes both ways, when i got him to invest 30k into my idea, he gave capital long before we made it legal with company ownership etc. (everything is now legal) but neither of us was worried in the mean time.
This level of trust is extremely difficult to find.

HARDWORK
People who have skin in the game work harder, when we need to pull a 22 hour work day together its no questions asked besides what time are we starting 3am or 4am?

LIQUID CAPITAL
If the company needed temporary float of 10k, my partner could have it tomorrow. There's a big opportunity and we each need to invest another 15k? no problem.

2ND OPINION
Its easy to overlook things but harder with 2 sets of eyes, if one of us disagrees its usually due to an important factor and we discuss it and move on to next thing. We often catch each others mistakes.

TIME ALLOCATION
We split up the work load which helps us each stay focused on our roles in the business.

I think there's a lot of instances where partners don't work out and you have to be very compatible for it to work. That being said when it does make sense it can be a game changer, i have never regretted going into business with a close friend of over 13 years. I believe it has been a big factor to the success of the business.
 
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MJ DeMarco

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Business partnrships are a lot like marriage, half of them fail because each partner has different visions, work ethics, and priorities. If these match, then by all means, they can work splendidly. Problem is, most people partner as a matter of convenience and risk aversion ... which is like getting married because you like your spouse's hair color.
 

Kak

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Strategic partnerships are better than actual business partners. These are contractual agreements to work together towards a predefined goal. If they suck, or you suck, the partnership is over and everyone moves on.

These partnerships add to your capabilities as company, without making the business itself a two headed monster. They are some of the most lucurative dealings I’ve ever made.

Deep partnerships where you share in the fruits of each other’s initiatives, I’ve been lucky, but I can totally see how it could have gone badly. It’s my vision, end of story.
 
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CanadianTrucker

Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Jan 22, 2020
56
61
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Canada
Business partnrships are a lot like marriage, half of them fail because each partner has different visions, work ethics, and priorities. If these match, then by all means, they can work splendidly. Problem is, most people partner as a matter of convenience and risk aversion ... which is like getting married because you like your spouse's hair color.

That’s very well put, thanks for the reply MJ. One of the first things we talked about before going into business together was our visions and they did align well. We already knew each other work ethics, I think our priorities have also been similar up to this point. If either of us has a problem we bring it up immediately and figure it out. I think communication is such a huge aspect, even in my marriage we do the same when problems come up. You see lots of failed marriages where the problems get buried or pushed aside until they build up and just decide to quit. I don’t think that gives it a fair chance to succeed.
 
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