We recently facilitated a panel of four pairs of co-founders/partners. They shared their experiences in building a business together - exploring benefits and challenges, offering advice and personal perspectives. Putting business partners on stage - including friends, siblings, and spouses - also made for great entertainment (watch the video). If you’re going to make partnership successful, have a good sense of humor :-) Here are some of the lessons learned and insights:

What is the biggest benefit to having a business partner?

Partners from different backgrounds can bring different and complementary skills which strengthen the company’s leadership.
Partners can share a common vision for the business, vested together in achieving and sharing success, and also the losses.
Building a business is a learning experience. It is helpful to get other perspectives. A partner can be someone with whom you can share your ideas with and get feedback. Be open to working with someone who will challenge you.

What has your relationship been like outside of the business with your partner?

Going into business with a partner is not dissimilar to a marriage. There will be happy times, sad times, celebration and disagreements. The key, like any relationship, is honesty and open communication.
It can be very difficult to separate business from personal with a business partner - especially when you are friends. It’s important to set ground rules for when to talk shop and when turn “turn off” that part of the relationship.

How do you handle conflict or confrontation in your partnership?

Expect to have difficult conversations throughout the life of the business. Partners don’t always see eye to eye. It is important to develop a system for how to deal with conflict. Some leaders have difficult conversations outside the office, others hire a coach or advisor to get an outside-in, and possibly mediating, perspective.
The whole is greater than the sum of the parts. It is important to remember that the business being built is bigger than either partner. Take time to step back and look at the bigger picture. How many people are affected by the partner’s business decisions?

What have been some of the biggest business challenges you’ve faced together?

Scaling the business. It is difficult to manage the growth of a company. It is critical to have a solid understanding of the business’ financial health. If that’s not the strength of the partners, hire someone who does such as a fractional CFO.
Finding, hiring and maintaining the right employees is difficult. Don’t necessarily go with the most qualified candidate on paper. Choose someone who is intelligent,aligns with the company’s values, and has a demonstrated desire and capability to learn.

How do you maintain company culture as you scale?

Ensure that everyone in the business knows that they are valued and an important part of the team. Let employees share in the success of the business. Hold events or parties to celebrate successes, give bonuses when appropriate, and schedule regular retreats.
The partners’ personal interactions with employees are important. Create an environment where employees feel safe and have a sense of belonging. Employees who enjoy coming to work are far more likely to care about the company.

Finally, we asked all the business partners if they would recommend having a business partner. None has regrets. They stressed the importance of being very clear on your vision and goals.

Choose a business partner you trust implicitly.
Consider a partner with complementary skills.
Thorough communication allows partners to face any challenge and come out stronger.

Interested in attending events like this? Subscribe to our Newsletter to make sure you stay up to date with all upcoming events!

Did you miss the event? Watch the panel discussion part of the evening below or: On YouTube