Dennis H. Lewis gives a first-person, advisory take on business partnerships, arguing they are among the trickiest aspects of business. Drawing on personal experiences with family members, friends, and other partners, he warns that partnerships can be wonderful but also become nightmares; he likens partnering to marriage but notes partnerships often have less alignment and higher financial stakes.
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You have to be really careful who you get in bed with. Partnerships are the trickiest thing in business. I think, in my personal experience, that you can come across. It's really hard. And I'll tell you this, because I've partnered with family members, I've partnered with good friends, I've partnered with people that I thought were really trustworthy, and I've had experiences of all colors. And it doesn't mean that it won't work, but it's kind of like getting married, but it's maybe even harder because there's a lot at stake financially, and there's not the same alignment of interests. Okay. When you get married to somebody, at least you supposedly love them, right? And there's. There's more alignment because you're forming a, you know, a bond for supposedly the rest of your life. And if you're lucky like I am, then it is. And when you're getting a business partner, there's a little bit more distance there. People's interest change over time, and it can be really hard to navigate. So I always say, be really careful about partnerships. They can be wonderful, but they can end up being nightmares as well.