Ask Brad Sugars

I have coached over 1,500 business owners personally, although very rewarding professionally and economically, I am frustrated, for I want to bring benefit to a much larger audience. I know conceptually how this might be accomplished with a business model, but I need more brainpower and resources to accomplish it. I am looking for a partner that has the same desires to help business owners be successful. Any thoughts as to how to identify such a partner? (Obviously you are on my short list)By the way I respect and appreciate the time it takes to answer all these questions!

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Generally, I advise against partnerships, because in most cases, you are better off with an employee or a joint venture agreement.

Maybe your best option is not a partner, but another type of business or business model that you can work on your own without having to give up 50% of any equity and control, which is what a partnership will do for you (neither of which are great options, in my book).

Joint ventures are good because roles are clearly defined and each party can walk away with respective businesses in tact. The same with an employee. If your weakness is sales, you could simply hire a sales person to work as an employee or on a contract basis. That way, if things work out, you can benefit from finding the right person to lead your team, and if they don’t, you can part ways without (again) giving up equity or control in your own company.

All of this is a long way to say look for other options before going the partnership route. I’ve rarely seen one that works … and the partnerships that do work are very rare.