3 Components of an Ideal Partnership
Chaotic work weeks always remind me how fortunate I am to have a great partnership. My theory behind the qualities of an ideal partnership is simple. There are 3 components to an ideal partnership:
You must align morally - trust each other
You must align with your goals - share a vision for the future
You must have complimentary strengths - 2 + 2 = 10
Trust
I put this one first intentionally. It's really a prerequisite to any partnership. If you don't have trust then you have nothing. If one side of the partnership has a hard line and the other consistently crosses it then that partnership is constantly undermined and can never last. There are some things in this world that are more important than money and feeling good about yourself and your work at the end of the day is one of them. Without trust, you are framing with no foundation -- and let me tell you that is a disaster waiting to happen!
Vision
Sharing a vision with your partner is fun! But more than that it's also the guiding principle when it comes to setting goals and risk tolerance. Let's say one partner wants to be a billionaire and is willing to risk it all to get there. Let's also say the other partner pictures their ideal life with a stable family in a nice suburb and they have a couple of simple hobbies that they enjoy and long story short they calculate that they will be happy with anything over $100k/yr. Well, the way that those two people assess the cost benefit analysis to every single decision is going to be drastically different. The billionaire is the football coach who includes a trick play with a Hail Mary on every set of downs. The $100k/yr partner is the football coach who has a heavy run game and looks at the field 10 yards at a time. Those are two very different play callers.
Strengths
This tends to be the most overlooked factor from what I've seen. There's no point in partnering with someone if you're only going to produce double the amount of what you'd produce alone. Now you're just increasing activity for the sake of increasing activity. Everybody has strengths and weaknesses and it's much more efficient to partner with someone whose strengths are your weaknesses (and vice versa). Rather than building up your weaknesses, the right partnership will allow each individual to double down on their strengths and "outsource" their weaknesses to the other partner. That partner will, in turn, do the same thing and double down on their strengths! This is how we can achieve the math equation "2+2=10".
Overall a partnership is like a marriage and it requires constant work and communication and compromise, but the right long term partnership can be incredibly beneficial. So, enjoy your week in the sun Ty - I appreciate you! Health and Wealth!