Why Business Partners Can Prevent Business Collapse

Nina L. Kaufman, Esq.

Nina L. Kaufman, Esq.

Nina L. Kaufman, Esq., owner of Ask The Business Lawyer, is an award-winning business attorney, speaker, and Entrepreneur Magazine online contributor. She saves consulting and professional services companies time, money, and aggravation by serving as their outsourced legal counsel.

Posted on July 9, 2012 in Planning & Advisors

So you’ve started a business.  And it’s just you.  What happens if you get really sick or injured?  Or a parent needs care-taking?  Or your physical presence in business isn’t possible for several months?

That’s one of the significant issues that Rajesh Shakya points out in his post, “Challenges to Find the Right Partner in Business“.  A business partner can keep things running — keep the “home fires burning,” as it were — in your absence.  And that’s certainly one good reason to have one.

But this reflects a deeper issue for small businesses.  How can you create and structure a business that can exist without you?  In other words, where you can be physically absent for a prolonged time (whether for unfortunately reasons or the fun of traveling extensively) without fretting that your company will close on Day #1 of your absence?

As numerous writers have pointed out, Robert Kiyosaki and Michael Gerber among them, the truly successful company is one that does not need the physical presence of its owners on site in order to function well and efficiently.  Many entrepreneurs are excited about starting their own business . . . only to find that without support, infrastructure, or others they can rely upon, they have worked themselves into a job.

If you were not actively involved in your company, would it fold?  if so, when?  A week?  A month? A year?  Maybe it’s time to start planning for growth.  Bringing on a business partner is just one strategy to consider.

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