I am now single in both my personal and professional life. When we launch the new company, Yut Media, Inc., it will be without any partners. There are a few people who have a stake and a say in the company but no business partners in the traditional sense.
Back in May of 2007, I thought I had actually figured out how to make a partnership work and that I had found a good partner. I clearly spoke out too early. I was right on the criterion needed to have a good partnership:
Bottom line when you consider taking on business partners, make sure they bring to the partnership the skills and strengths you don’t yourself possess, make sure they are just as fully committed with their time, energy and financials; also, make sure they have the same values and work ethics. Lastly, make sure you can trust them and know that they are now part of your family.
But wrong on how long it takes to ensure you have road and time tested the validity of those criterion in each of your partners.
I’m not going to get into the details, in this blog post, of what happened with the former partnerships; rather, I’m going to discuss my current view of partnerships. (Note: I’m talking partners not investors)
It Will Be A Cold Day in Hell
Haha!! Okay, not quite that dramatic!! But the truth is, with as far as I am with things, the odds of me taking on a full partner are extremely slim to none. That’s because the odds of a partner bringing to the table real, true, must have value is doubtful. Also, at this point in the game, the odds of getting someone who is just as invested into the venture as I am is next to impossible. There are so many other ways I can get the same value elsewhere at this point.
I’ll bring on hires, who will get shares as part of their compensation package, but again – those are not quite the same as partners.
It’s entirely too easy to find the duty experts, hire them, learn from them, listen to them and properly leverage their skills and knowledge.
The other option is to outsource to strategic partners. Get folks to help you without getting into sticky agreements together. They run their business – I run mine. In order for both businesses to stay in business they are required to deliver. If and when they don’t – you terminate the partnership agreement. This type of agreement can lead to some hassle but there are ways to negate that.
I still don’t have one but am looking. I’m looking for the duty experts in the fields and areas I lack knowledge to help and mentor me. As well as, assist in making connections.
I know better than to think that I’m completely right about not taking on another partner again…so we’ll see what it would take to see it in another way.