Five Bad Reasons to Bring a Partner Into Your Business

Five Bad Reasons to Bring a Partner Into Your Business

If you operate a small business, it can be tempting to reach out and have a partner join you on your journey. There are some good reasons and situations where a partner can be beneficial. There are also some bad ones. Here are five bad reasons to bring a partner on board.

  1. It will make you feel better. It sounds odd, but many people start a business or bring a partner into a business just for support. You can get support from a business organization or family, there’s usually little value in adding a partner just to have someone you can share daily successes or failures with.
  2. You need financing. If your business is struggling financially, it is best to get to the core of the real problem. Adding a partner to inject cash may only serve to prolong the process. Unless that cash is used to upgrade or fundamentally improve the company, a partner may just bring added baggage and perhaps even stress.
  3. You need help. If you need additional help at your company, hire someone or get help from a family member. Giving up part ownership of your company and perhaps even decision making power for additional labor is rarely a good idea.
  4. You need expertise. Sure, having someone with knowledge of bookkeeping or advertising could be helpful, but bringing in a partner to get that expertise could be a mistake. Instead, hire a freelancer or seek advice by joining a local business group.
  5. You feel you owe it to them. If you have a long-term, valuable employee or family member who has been a part of your company for a long period of time, it may be one thing. But this decision should not be taken lightly. It should only be done in a mature company that is on solid footing and is truly a reward for loyalty and service.

If you have a small business and have questions about business insurance, our team is here to help. We can help you find appropriate coverage at a price you can afford. Contact us today to get started!


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Things You May Not Know About Radio

You May Listen Almost Every Day and Still Not Know These

The Dramatically Changing Workplace

It Seems to Have Happened So Fast, Didn’t It?

Life’s Important Numbers

Not Including Your IQ, These Numbers Could Impact Your Life Most

Want an SUV? Could It Be a Porsche?

You Can Still Get a Porsche Even if You Are Committed to an SUV

Five Surprisingly Easy Home DIY Projects

Try These Confidence-Building DIY Projects

The Humble Little Red Wagon

It was Known as the Radio Flyer Red Wagon and There was Nothing Like It

Special Events Insurance

Is There a Bounce House in Your Future Promotional Plans?

Your Life Insurance Application Can Be Your Guide to Living Longer

The Keys to a Longer Life May Be Right In Front of Our Eyes

Is Auto Insurance Really That Complicated?

Car Insurance Policies Seem Complex, But Are They?

3 Easy Ways to Save on Your Home Insurance

Saving on Your Homeowners’ Insurance May Be Surprisingly Simple