At some point in your professional career, you will likely find it advantageous to team up with other professionals in a partnership. There may be different legal structures you choose to utilize, but for the purposes of this article we will refer to these relationships as partnerships.
As a funny anecdote, the two male owners of BWM Group prior to my joining up had also shared a residence prior to each getting married. When introducing themselves as “partners” to their conservative neighbors, they got a lot of funny looks.
Jokes aside, one of the things I learned is that when you partner in business with someone, you partner with their spouse as well. It’s kind of like how when you get married, you marry into your spouse’s family. The person who can influence your business partner has a measure of influence over you as well. And, rightly so, I have learned that no matter how close you are as business partners the spouse comes first and can change the direction of the business.
I am not saying that this is all bad, but it is something to consider when joining a partnership. Do you know their spouse? Is the spouse as committed to the success of the business as the partner you are considering? What mechanisms are in place to protect the business if a partner chooses to go a different direction?
More to come soon. If you want to get in touch please let me know! Thanks for reading!