This week\u2019s edition of Let\u2019s Talk, our experts discuss whether it\u2019s time to bring on a business partner, or stay solo.<\/p>\n
Plenty of founders hit the same wall. The business is growing, the to-do list isn\u2019t shrinking, and somewhere in the back of your mind is the question of whether you should be doing this alone. A business partner can bring capital, skills, or headspace you don\u2019t have. It can also mean handing over decisions you\u2019ve made solo for years. So how do you actually know which one you need?<\/p>\n
Many founders start thinking about a business partner when they hit a skill gap, the workload becomes unsustainable, or growth needs more capital, contacts or capability than one person can provide.<\/p>\n
The important question is whether shared ownership is the right answer, or whether the business first needs stronger systems and clearer processes. MYOB\u2019s latest Business Monitor found 43% of businesses that have digitised more operations say they\u2019ve become more productive, while 27% say it has helped them keep getting work done.<\/p>\n
If you\u2019re considering bringing in a partner, ask three questions first.<\/p>\n
Am I missing a capability or just capacity? If a critical skill is limiting the business, a partner may make sense. If there simply aren\u2019t enough hours in the day, hiring a contractor, employee or adviser may be the better first step.<\/p>\n
Could the business run without me for a week? Make sure key processes are documented, financial information is current and responsibilities are visible.<\/p>\n
What growth problem is the partner solving? Be specific. A good partner should solve a clearly defined strategic problem, not just provide relief from being busy.<\/p>\n
The strongest partnerships are usually built after the business has established clear systems, transparent financials and a shared understanding of success.\u00a0<\/p>\n
\u201cChoosing between flying solo and bringing on a business partner is a bit like deciding whether to kayak alone or paddle a tandem. Both can get you to the finish line, but only if you\u2019re suited to the ride.<\/p>\n
A business partner shouldn\u2019t just fill a seat; they should fill a gap. The best partnerships bring complementary skills, different perspectives and someone who\u2019ll challenge your thinking (respectfully, of course). If you\u2019re looking for someone simply to share the workload, there may be other ways to solve that challenge without giving away equity.<\/p>\n
A good first step is to ask yourself one question: What problem am I trying to solve? If it\u2019s expertise, accountability or a shared long-term vision, a partner could be the answer. If it\u2019s being too busy, stretched or overwhelmed, there are usually other ways to solve that.<\/p>\n
Whatever you decide, don\u2019t rush it. Choosing a business partner can be a bigger commitment than choosing a spouse, it\u2019s certainly harder to untangle if things go wrong!<\/p>\n
The right partnership can accelerate growth, but the wrong one can slow it to a crawl. Choose someone whose values, vision and way of working will still make sense when the honeymoon period is over.\u201d<\/p>\n
\u201cYou\u2019ve spent years building your business, and now you\u2019re focused on the next step. Whether bringing on a business partner is the best way to achieve further growth will depend on your situation, your motivations and your long-term financial goals.<\/p>\n