One of the most difficult decisions any new business owner or entrepreneur will face is whether or not to add another partner into the equation.
Whether you have been involved in launching a new venture yourself, or you have been employed by a business during its infancy, it’s easy to see just how much effort goes into the day-to-day running. And it’s not just a case of sheer brute-force effort to keep a business afloat; successful business owners infuse their heart and soul into the organisation.
So, here’s where it gets tricky.
Why would you go to the effort to build a business that means so much to you, just to let other people come in and start calling the shots? How do you know who is the right person to partner with? What will happen to the business dynamic?
Here’s the thing – a lot of business owners are trapped in the mindset where there is no separation between themselves and the business entity. This approach makes it very difficult to carry out a number of crucial assessments that all good business managers should be doing, such as:
- Knowing when to ask for help
- Identifying when competitors have the upper hand
- Critiquing business performance accurately and honestly
- Maintaining growth and momentum
At Giant Electrical, we have been lucky enough to be able to combine the complementary skill sets and approaches between myself and my business partner, Adam – and the results speak for themselves.
Our respective experience and training meant that we could offer a more diverse service offering, including both Level 1 and Level 2 electrical services, which immediately opened up a wider overall market for the business from day one. The Hunter was the perfect place for us to launch, given the amount of work on offer that suited the services we were focusing the business on.
Working as a subcontractor, I had the benefit of building an extensive network of industry contacts here in the Hunter. Adam held a salaried position at the time, and we had worked together on various project so I knew right away that our combined skills could create a very competitive business.
Bringing in another person to work with me was a decision that was based on what was best for the business, and I knew very early on that having a highly skilled, motivated partner on board would get the wheels moving a lot quicker.
There’s no doubt that choosing a business partner is one of the most important decisions you can ever make for the future of your business. At Giant Electrical, we’ve grown consistently over four years, which is testament to the collaborative and complementary approach we take to guiding the business together.
The most important thing to remember when you are considering adding a partner?
Do it for the right reasons.
Acknowledge that the business deserves an opportunity to grow and diversify (which is not a reflection of any inadequacy on a personal level).
Separate feelings of ego and pride from the best interests of the business. Don’t be afraid to say that there are other people out there that can contribute as much to the success of your business as you can.
Once you realise the possibilities of having two heads (or more) working in sync on the growth of your business, you will have unlocked one of the most exciting business opportunities you could hope for. Good luck!
Lachlan Chapman has a wealth of experience in the electrical services industry and has been at the helm of Giant Electrical operations in the Hunter since 2009.
Working previously as a sub-contractor in the industry, Lachlan has successfully helped Giant Electrical grow with his business partner, Adam McDonald. A keen business sense and a well-developed network within the local industry have been instrumental in Lachlan’s success.