Success often hinges on having a partner—a running buddy, a collaborator, or a co-pilot. The business, education, and sports worlds are filled with iconic partnerships: Warren Buffet and Charlie Munger at Berkshire Hathaway created significant wealth for millions, Steve Jobs and Steve Wozniak co-founded Apple in the late 1970s, Michael Jordan and Scottie Pippen led the Chicago Bulls to six NBA championships, and Andrew Carnegie and Booker T. Washington worked together to expand educational initiatives for African-Americans in the early 20th century.
While these duos soared to great heights, most businesses face a starkly different reality. According to the U.S. Bureau of Labor Statistics, around 50% of new businesses fail within the first five years, and only about 30% make it to the ten-year mark. Surviving and thriving as a business owner is no small feat, and often, doing it alone can feel like running a marathon with one leg. Sure, you might finish, but wouldn’t it be easier (and more fun) with someone by your side?
Why You Need a Strategic Partner
Running a business on your own can be an isolating experience. There is no one to bounce ideas off of, share responsibilities, or offer a fresh perspective when you’re too deep in the weeds. Sure, your spouse might be a great sounding board, but after a while, you might want to discuss growth strategies with someone you’re not sharing a bed with. And let’s face it—your dog, although an excellent listener, will not challenge your pricing strategy (unless it involves the price of treats).
A strategic partner brings complementary skills, offering insight where you might lack expertise. More importantly, they’re there to help you shoulder the burden of entrepreneurship and share in the wins (and the inevitable challenges).
Remember that old 1968 Three Dog Night song, "One"? The lyrics go, "One is the loneliest number." They may have been talking about romance, but it’s just as accurate for running a business. Having a partner means someone is in the trenches with you—whether you're fielding customer complaints, managing cash flow, or celebrating a record-breaking month. They’re your ride-or-die, the person you can call at 4 am when your mind doesn’t shut off, even if they’re technically still asleep. That shared journey makes all the difference when the business rollercoaster is in full swing.
A Lesson from the Mountains
The idea for this article hit me during a recent hike up Maroon Bells in Colorado with my sister. While she’s been living at altitude for years and has the lungs of an Olympic athlete, I, on the other hand, am a Dallas native who rarely climbs higher than a staircase.
As we neared the summit, I played mental games to keep myself going. Alone, I probably would’ve given in to my burning legs and turned back, or I’d have missed the beauty of the landscape while zoning out to some motivational podcast. But having my sister with me changed the experience. She kept me going—step by step—because we were in it together. The sense of accomplishment wasn’t just personal when I reached the top. It was shared. Sitting at the summit, eating lunch, and taking in the view was much sweeter because I had a partner to celebrate with.
Business can feel the same way. When you have someone to share the climb, you push through the challenging parts, and the view from the top is far more rewarding. Without a partner, it’s easy to miss the beauty around you or quit when things get tough.
The Pitfalls (and Rewards) of Partnership
Of course, not all partnerships are smooth sailing. Sometimes, you’ll find yourself partnered with someone more interested in debating your business cards' font size than helping close deals. The key is finding someone who shares your vision and complements your skill set. When you do, you create a powerhouse team that strengthens your business and makes it more resilient.
By having a partner, you multiply your impact. You get to divide responsibilities and lean on each other when running a business is too heavy to carry alone. It’s not just about lightening the load; it’s about having someone by your side who says, “This is awesome; let’s keep going,” even when the going gets tough.
Time to Find Your Partner-in-Crime
Whether you’re just starting to think about how to turn your passion into a business or you’re about to celebrate your tenth year in business, finding a strategic partner is crucial. Humans have thrived for millennia by forming tribes for protection, support, and survival. Back then, it kept you safe from saber-tooth tigers and ensured someone cared for you when you were sick. Today, the stakes are different, but the need for partnership is just as real.
So, invest the time and resources to identify a business partner who shares your vision, complements your strengths, and can stand with you through the celebrations and the challenges. Together, you’ll face the business world with a united front, and your chances of long-term success will soar.
And if you’re ready to start that journey and need help finding the right strategic partner, I’d love to talk. Drop me a line at ian@lennoxpartnerstx.com, and let’s climb that next mountain together—I will provide the snacks.
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