I don’t claim to be an expert on the tax or legal implications of business partnerships. For that I would recommend you talk to my friend, Diane Kennedy, CPA (US Tax Aid), who is an accomplished CPA, author and speaker. What I can speak to, though, is my personal experience of the synergy that comes from complementary personalities.
Case in point: me and my (younger) brother, Joe.
Our entire life, we’ve been close, having no other siblings… although there may or may not have been a bit of bullying.
We’ve spent many of our adult years dreaming together, planning and talking about the pursuit of “the good life,” and entrepreneurship, and a plethora of business ideas that never went anywhere. We spent several years together in a very well-known network marketing company, but ultimately ended up with more leadership knowledge and a handful of new friendships, but no financial independence.
Then we both have our first child in the past year. Well, our wives HAD them, but we helped. Hehe.
Now it’s REALLY time to execute.
I’m sure we both had our moments of apprehension in terms of actually partnering in a traditional business setting. But we’ve both accumulated so much knowledge and experiences about topics that are very valuable to small business owners (the backbone of our economy). It would be selfish not to give it a whirl.
I’ve tried to launch consulting companies and other businesses on my own before. And I often seem to get in my own way, as a non-stop idea guy, with a Type-A personality, voracious appetite for learning… and a terrible lack of organization, details and focus.
Guess what? Joe is NOT a Type-A personality, and he’s AMAZING at organization and details and often more focused than I am.
The more we work together as we are launching this endeavor – The 3x Group (Flipping Awesome / 3x Homes / Funding For Flipping) – the more I realize I need him, and he needs me. I don’t think we could pull this off without each other. And, when I move back to our home town of Chicago in a couple months, our synergy will be even greater.
Sure, we don’t see eye-to-eye on everything. Joe said recently he can’t keep up with my brain (meaning my non-stop ideas). Yes, he can.
I don’t even know how this partnership will affect us from a tax and legal standpoint, and I don’t care. We split our profits 50/50, but that’s fine because it will allow me to ONLY focus on those things that I’m effective and efficient at, and vice versa. Ok, sometimes I try to mess with a little WordPress coding so I don’t have to ask him, and he yells at me. Oh well.
Many a small business in America is run by brothers. Some want to kill each other every day. Some get along harmoniously. But at the end of the day, there is something about having a Family Business that just feels right.
So, to the question: “To Partner, Or Not To Partner?”…
The 3x Group is in full effect!