Why Do You Want a Business Partner?

By Steven Schneider

When Todd and I started our journey as business partners, we had visions of splitting the workload, doubling the success, and maybe even taking a long vacation while the company magically ran itself. As you can imagine, that’s not exactly how things turned out. What we did discover is that business partnerships are about so much more than dividing up tasks and covering for each other during PTO. Sure, you can always hire people to handle the grunt work. You can even find a trusty CEO or finance wizard to fill in the gaps. But let’s be real: you can’t put a price tag on a business partner who's got your back.

The truth is that the heart of any great partnership is the relationship itself. No one else will ever quite understand what you're going through like a co-owner. No one else is willing to talk about the company’s five-year plan over nachos. And no one else can sense when you’re about to lose it and step in just in time to save the day. If you’re thinking about finding a partner, it’s important to know what you’re really looking for—and trust us, it’s more than someone to split the Wi-Fi bill.

The Emotional Baggage of Past Partnerships

Before I joined forces with Todd, both of us were coming off the emotional roller coaster of bad business relationships. There was emotional baggage all over the place—think of it like unpacking a suitcase of past failures, late-night arguments, and questionable decisions. We had learned a lot, but to be honest, those were lessons we really could have done without. If we’d known then what we know now, we could have saved ourselves years of emotional and financial heartache (and probably a few stress-induced gray hairs).

One of the key takeaways from those failed partnerships? Understand why you’re getting into this relationship in the first place. It’s not enough to bring someone on board because you need help with the mountain of emails. You have to ask yourself (and each other): “Why do we want to do this together? What’s in it for me? What’s in it for you? And can we still stand to be in the same room after a 12-hour day?”

Trust us—clear motives from the get-go will save you from many awkward “we need to talk” moments later on.

Balanced Skill Sets

Let’s face it, many of us look for partners to fill in the gaps. (And by “gaps,” we mean the things we’re terrible at.) Maybe you’re a big-picture person but numbers make your eyes glaze over. Or maybe you’re great at product design but crumble at the sight of a sales pitch. Whatever the case, a business partner with complementary skills can make you look like you know what you’re doing.

And that’s one of the biggest advantages: you don’t have to be great at everything. You can bring someone on board who can do all the things you can’t. We’ve seen partnerships where one person handles the innovation while the other tackles the operational headaches. A match made in heaven—or at least, in the boardroom.

The key to making this work? Find someone who excels where you flounder. If you both have the same strengths (or weaknesses), it’s like the blind leading the blind, but in an office with more spreadsheets. Opposites don’t just attract in romantic comedies—they thrive in business, too.

The Value of Operational Expertise

Now, let’s talk about operational expertise—a phrase that should really come with a cape and theme music. We all know that running a business takes more than good intentions and a catchy logo. There’s an endless stream of things to manage: legal compliance, HR drama, logistics, and (our favorite) financial projections. The good news is that when you’ve got a partner, you don’t have to tackle it all solo.

One of the reasons partnerships work so well is because you can divide and conquer. In our case, Todd is a wizard with logistics and operational procedure. I like marketing and HR. So we balance each other out. If you want to stay sane and keep your business afloat, find a partner who can handle the parts of the business that make you want to curl up in a ball.

Credibility, Trustworthiness, and Connections

There’s something else a great partner can bring to the table: instant credibility. If you’re the new kid on the block (or in the boardroom), having a partner with a solid reputation can open doors that would otherwise stay firmly closed.

A partner with a strong industry presence can lend a certain gravitas to your business. Suddenly, people are taking your calls, customers are trusting your brand, and suppliers are offering terms that don’t make you cry into your coffee. Not to mention, a well-connected partner can also fast-track your business’s growth. They’ve got the contacts, the customer base, and maybe even some name recognition. Their network can save you time, money, and the headache of trying to break into an industry where no one knows your name.

I love the example of the Smashburger partnership. Tom Ryan had the vision and expertise in food chain development but needed a franchise expert like Rich Shaeden to turn Smashburger into a household name. One of them developed the killer menu, the other handled the logistics of scaling a national chain. Without that partnership, there would be no Smashburger—and Tom would be a guy with a lot of great burger ideas but no skills to grow a franchise.

Financial Strength and Dividing Responsibilities

Of course, not all partnerships are about skill sets and connections. Sometimes, it’s about cold, hard cash—or at least the ability to raise it. If one partner comes in with deep pockets or the kind of credit score that makes banks weep with joy, that’s a huge win for the business. And even if it’s not about personal assets, a financially savvy partner can make navigating the world of funding and investment a whole lot easier.

But don’t forget: partnerships also provide the chance to share the weight of the business. If you’re starting to feel like your “to-do” list has become a “never-done” list, having someone to shoulder the load is essential. Visionaries need practical partners, dreamers need doers, and everyone needs someone who remembers to pay the bills on time.

The beauty of it all is that you can tailor the partnership to suit your strengths. One person handles the big picture while the other deals with the day-to-day. And if you’re really lucky, you’ll find that perfect balance where both of you actually enjoy what you’re doing—no resentment, no burnout, just a well-oiled partnership machine.

Setting Expectations

At the end of the day, you’ve got to be clear about what you want out of a partnership—and what your partner wants, too. We learned the hard way that vague assumptions lead to confusion, and confusion leads to disaster. It’s crucial to sit down and hash out the details early on. What’s in it for both of you? Why do you each want to do this? Are you willing to have awkward conversations in the break room when things go wrong?

We’re not saying it’s always going to be easy, but when you’ve got the right partner, it’s a whole lot easier to handle the curveballs. So, before you dive into a partnership, make sure you’ve set clear expectations. Trust us, it’ll save you a world of pain later on.

Ready to Unlock Doors You Didn't Even Know Existed?

A business partnership isn’t just about dividing up the tasks and hoping for the best. It’s about finding someone who complements you in all the right ways, someone you can trust, and someone who shares your vision. When done right, a partnership can unlock doors you didn’t even know existed—they can make your work life and your personal life exponentially better.

If you’re thinking about bringing on a partner, take the time to figure out why—make sure you’re both in it for the right reasons. And contact us to help. We're partnership experts who can consult and guide in ways that point your business partnership in the right direction.