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Start-Up Resources: Why Work With A Partner?

Working with a partner is more than just fun; it unites each partner’s unique skills.

When starting your business, remember that you can team up.  One or more partners can serve many purposes.  By combining forces, you grow the range of skills available to your start-up.  In addition, a partner will bring that much more energy to the new business.

With greater energy and skills, a start-up may also grow the chances for success and the time it takes to become profitable.  On the other hand, a partner must be someone with whom you can really work.  A partnership will require that you are both productive.

Each partner’s role must be spelled out at the start of the relationship.  Some partners may bring money to the venture while others may bring a particular expertise.  Be certain each partner understands what is expected.

To partner or not is your decision.  If you decide that a partner is your preference, you have many partner prospects. 

  • Your spouse.  Will work with your spouse add to or detract from your marriage?  Think about that before launching the conversation.
  • Parents, children, siblings, other family members. One or more of your relatives may be the perfect partner.  Think about the kind of relationship you have with each.  Think about their strengths and yours.  Is there a fit?  Are there overlaps?  Are there gaps?  Will it change your relationship with that individual? 
  • Friends.  Perhaps a friend will serve as your best partner.  Ask the same questions of yourself.  You want to protect lifelong friendships as much as you want to protect your marriage and family relations.  Enter into a partnership judiciously.
  • Professional acquaintances.  Is one of your professional acquaintances the perfect, natural partner for you?  Again, ask the questions.  Be sure of the fit.

There are many mother-daughter success stories to tell.  Take, for example, the Peruvian Connection.  With an unlikely start, the company now enjoys global recognition for artisan-made clothing.  How did that happen?  While travelling after college graduation, Annie Hurlbut explored the Peruvian textiles market.  She learned their alpaca fiber spinning, dyeing and weaving techniques.  In the process, she found the perfect gift for her Mother’s 50th birthday, a sweater.  That single sweater changed everything; it sparked the small business started by Annie and her mother, Biddie.    Annie imported Andean fiber products of her own design while her mother sold them from her Kansas home. The rest is history.  Read their story at PeruvianConnection.com.

Let’s not forget what siblings can do.  One of my favorite sister success stories is the story of the Delany Sisters.  Elder sister, Sadie, had a long career as a New York City schoolteacher.  Younger sister, Bessie, practiced dentistry.  The Delany Sisters lived together through their long and successful careers and into retirement.  What did these Black sisters decide to do at the age of 100?  They co-authored a New York Times’ best-seller, Having Our Say: The Delany Sisters’ First 100 Years. Actually, they were 101 and 103 at the time of the book’s publication.  Sadie went on to publish her last book, On My Own At 107: Reflections on Life Without Bessie. 

We all know what happened when high school buddies, Steve Jobs and Steve Wozniak, joined forces.  Their work and the company they created, Apple, changed the face of the computing world.  Friend success stories abound just as friend failure stories abound. 

Partnering is an early choice.  Be sure it is right for you and for the business you are pursuing.  Ask your questions, draw up partner agreements, then dig in, and build your business.