I’m starting a business. Should I take in a partner?

Dear Aunty B,

I am starting a new business and want to know if I should take in a partner who may be interested in purchasing half the business. I would prefer to share the responsibility, marketing, profit etc. Look forward to hearing from you.TG,
Victoria

Dear TG,

How can you purchase half of a business that has not started? I hope you are not one of these wacky people who believe their idea is worth a lot of money.

Honestly. An idea is worth zip. Millions of people around the world have millions of ideas every second. I myself have several light-bulb moments every day, most of which are dismissed by my staff as time-wasting, resource-hungry or merely idiotic.

I will assume you mean that you are looking for a partner who may invest in half the business.

I think this is an excellent way to start a business. But it can also be the hardest. You must get a lot of things right to go into a business with a partner. You must partner with someone with complementary strengths and who shares your values and your goals for the business. All of this must be worked out before you start the business as these are the reasons many partnerships break up.

One last tip: Don’t go into business with anyone who is greedy, desperate for money or stupid. They will treat the business like a cash cow while milking you dry.

Good luck!
Your Aunty B

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