- June 25, 2021
- Posted by: Stratford Team
- Category: Business
One of the most important crossroads on the way to small business success — and one that nearly every entrepreneur will encounter at some point — is incredibly treacherous: deciding whether to take on a partner. How you navigate it can make the difference between success and unmitigated disaster.
Done right, a partnership can propel your business to new heights, adding not just someone to share the work, but also new perspective, new expertise, and, potentially, new financial support.
“A partnership could mean your business will have access to new products, reach a new market, block a competitor through an exclusive contract, or increase customer loyalty,” the National Federation of Independent Business, a small business advocacy group, said in a blog post.
But business partnerships can also be disastrous. In one of the most extreme examples, Chris Smith of California ended up dead after a dispute with his business partner, Edward Shin. The two had…
