Question for all you fellow entrepreneurs. I’m on the verge of starting a new business from the ground up. I was casually talking with my friend and neighbor about my plans and he sees the vision and promise of my new venture. So much so that he wants to partner with me. I have a few reservations and need some advice. My neighbor brings a lot to the table. My new business is in his field (medical lab, medical sales). I have no experience in it at all. I’m coming from retail. He brings experience in sales and a long list of connections and potential clients. He sees my vision for the business. He believes in the model and is prepared to bring his own money to the table so that he will have skin in the game. As my potential partner I believe that he will help accelerate with the start of the business and help with the steep curve I would have starting out on my own. Here’s my issue. I’ve waited a long time to start this venture out on my own. I’m selling my current business in order to start my new business. It will by my only source of income and my family’s future will depend on the success of this new business. My neighbor and potential partner has a successful spouse that will provide for his family in case the business fails. I do not. I’m not sure what to do. I see the pros and cons but I haven’t waited this long to cut someone else in on my dream of building a successful business. I don’t want to be greedy but I’ve never been partners and never have thought of partnerships. Is there a way to have him come in and contribute to the business without me giving up control? I would hate to have something go south and then have a falling out with a partner that happens to live a across the street from me. I’m open to any of your tips and advice.
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