TBL Episode 47: The pros and cons of having a business partner
Sep 09, 2019•22 min•Transcript available on Metacast Episode description
The decision to go into business with another person is a HUGE one. Mainly because there is so much you must consider when it comes to bringing on a business partner. When I hear other entrepreneurs talk about business partners, they usually recommend staying solo–and to be honest, I don’t blame them. Being a solo-preneur is just easier in a lot of ways. My own experience at Evolved Finance, however, has shown me just how powerful a business partnership can be. We can rely on each other in a way that really lets us work to our strengths and shore up each other’s weaknesses. That being said, I do think it’s super important to know exactly what you’re getting into when you go into business with someone else. There’s a lot more to it than just splitting the revenues, so it’s important to get a handle on how everything works. That’s why in this episode, we discuss: - Why you need rock solid financial tracking if you have a business partner.
- Why partners need to have complimentary personalities and skills to succeed.
- Why revenue goals need to be bigger for businesses with two owners.
- What most people overlook about a business partnership.
- Why it’s important to understand the difference between “equal income” vs “equal owner benefit.”
- How your taxes can get trickier with two business partners.
- Why Parker and Corey’s partnership has worked so well for Evolved Finance.
