“All partnerships are bad!” This is a common reaction I hear when I give presentations on partnerships or having multiple people involved in a business.
I also sometimes here “I couldn’t have this business without my partner.”
How can such extreme reactions come from similar – successful – business people?
It all depends on the perspective.
It’s Not the Baseball Bat, It’s the Use
Rarely are things good or bad. Let’s look at a baseball bat. That baseball bat could be used by a major league baseball play to hit the home run that wins the game and sends the fans home cheering.
That same bat could be used to destroy property or even murder.
It’s the use, not the bat.
Similar some partnerships are done well and extremely beneficial. Others are done wrong and harm the partners and cause pain.
Do Business Differently()
If you follow my work you know I tell folks to Do Business Differently() and to be unique and different in business.
Good partnerships bring together different skills, create more value that either partner could alone and open up new avenues.
But they have to be done right – and my findings are that most partnerships aren’t done correctly.
But with the right planning they can be. And they can open up tremendous value.
The Tale of Two Potential Clients
In my legal practice at The R. Shawn McBride Law Firm, PLLC I get a variety of clients showing up.
Some clients are new to business and were “told” to come to a lawyer. They seem to think fussing over a partnership agreement and documentation is a waste of time and money.
The other group of clients I often see are experienced business folks. These people know that getting a partnership agreement right in the beginning makes the business stronger, more stable and solid. They know that time and money upfront is a great investment for the future.
So Where Are You?
I am not sure where you are in your journey. But partnerships are neither good or bad. But I do know – done correctly – they can open up amazing value and wealth. Think about that as you view this from Gmail, Microsoft Windows or an Apple device (all 3 of these were companies with strong partnerships in their history and great wealth creation).
If getting wealthy and strong is something you aspire to check out our Fastlane Course. Partnerships is just one of the many issues we cover.
The Our Shawn
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