3 Tips for Building a Great Business Partnership
What’s the secret to a great relationship?
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Okay, I don’t have the answer. Not universally, anyway. I’m a work in progress, and I know there’s room for improvement in many of my relationships.
But one relationship I have figured out: my business partnership with Chris Sullivan.
I spend most of my time talking about Crews & co., so you may not be familiar with Chris.
He’s my partner in CE Painting, the commercial painting company I also run.
There are three main reasons Chris and I work so well together—and have for the last 20 years.
#1: Complementary Roles
I’m the CEO of the business and a classic visionary personality. I’m focused on the big picture, solving high-level problems, and company culture. When needed, I help close big deals.
Chris is the operator of the business. He is VP of Operations and literally runs the company day in and day out. He’s a details guy who can’t live without his spreadsheets.
Our skill sets are different, and together, they give the company the full range of what it needs to thrive.
#2: Aligned Incentives
Chris and I are 50/50 financial partners in CE Painting. When we started the business, the structure was different. I’d never recommend jumping into an agreement like that too soon, especially if you don’t know the person well. But making sure Chris had real ownership of the business has been critical to its success.
Chris and I had worked together for years prior to starting CE Painting. Still, it took time to get the incentives aligned correctly.
And I should mention that we aren’t straight down the middle on everything. I hold all of the voting shares. And on the flip side, Chris makes most of the actual decisions. After witnessing so many issues with “equal” partnerships, this was important to me when bringing him on as an equity partner. We focus more on being fair than on being equal.
#3: Relationship
Chris and I have a real relationship that we work to maintain. What does that mean exactly?
We stay in our own lanes. I trust Chris implicitly to make the decisions he owns. And when it’s time for me to make a decision that I own (less frequent), he trusts me, too.
Once a decision has been made, we support each other. Unconditionally. Our team jokes that we bicker, but once we come to an agreement, we present a united front.
And we work to spend quality time together. We are both busy and both career-focused. But just about every 90 days, we get out to a Celtics game or grab dinner.
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If you’re in a partnership, or thinking of starting one, the best advice I can give you is: set expectations up front. Work hard to stay in your lanes and not interfere with one another.
And no matter what, keep talking.
