Marriage Vows & Business Partnerships
In the beginning the motives are pure. There’s nothing more magical than an idea in its infancy and spark of true camaraderie. A lunch break turns into a brainstorm of passion and possibility. An evening lament over beers uncovers the regret of a risk never taken. There’s no bank account. No checkbooks. There’s no equity, lawyers, board, investors, or debt. Nothing is complicated (yet).
What’s the danger when there’s just an idea and the people whom gather around it? On the surface…nothing.
My work has given me the opportunity to experience the quirks of many business partnerships. It’s fascinating to take a step back to uncover what went wrong in a business partnership that fell short. Was it because of misaligned values? Bad communication? Friendship drift? The pressure to succeed? Season of life?
What I’ve experienced is that when a business partnership (that used to be a good business partnership) ends, it’s often like divorce.
Lawyers get involved. People become accusatory. It’s incredibly painful, awkward, and frustrating. People get dragged through the mud. It’s bad and resolve is often ugly.
What’s the danger when there’s just an idea and the people whom gather around it? If you don’t know what you’re in for…a lot.
Last year, my business partner (Taylor) and I invested time in pursuing a mentor. Someone who could impart wisdom into us. Challenge us. Guide us. Every time he comes in town there’s a portion of our time when he puts aside business strategy and the P&L reports.
He looks at us and asks about our families. He asks us about our spouses and kids. He asks how we’re individually doing. He asks about our friendship and how we’re navigating it; all while leading our business.
I’ve come to learn that marriage vows and business partnerships have a lot in common. Without accountability anyone is subject to mess something up.
We’re human after all.
We will mess something up.
If you’re considering starting a business with someone; good for you. It’s important. It matters. But before the legal documents are signed I will submit to you three practices to make time for and protect.
Know the Values They’re Fighting For
Everyone has different motivations. For some it’s money. For others it could be innovation or influence. What’s important is to know what your partners’ values are and how to fight for them. Don’t just talk about the surface level stuff. Keep pushing to embrace your business partners’ genius. Protect what makes them tick. It’s why you’re in a partnership in the first place.
Share a Meal Once-A-Week
Every Monday (going on seven years), Taylor and I have shared a meal together. We cover a few agenda items, but largely don’t talk about business at all. We talk about our families and kids. We talk about our hobbies and Apple. It’s a moment for us to get on the same page and I’m thankful we’ve prioritized this time over the years. You won’t regret doing the same.
Take Your Friendship Seriously
You don’t sign legal documents for friendship. Don’t ever take your friendship for granted, even while making business decisions. Sure, everyone told us not to work with friends.
Thankfully, we didn’t listen.
What’s the danger when there’s just an idea and the people whom gather around it? Like all great ideas…it truly can change the world.
Leading a company (like marriage) isn’t easy. It takes commitment and trust. You’ll experience a plethora of seasons; good, bad, challenging, exciting, etc. Be intentional to never forget the reason you started the company in the first place. Stay committed to the cause. Don’t lose sight of the partnership.
True story: Taylor and I didn’t sign our partnership agreement until 4 years after we started Whiteboard. The only reason we signed it was because the bank needed us too.
