Common Pitfalls for Working with Partners and Advisors

Taylor McPartland is President & Co-founder of FilmBreak (filmbreak.com). In this video he discusses common pitfalls for working with partners and advisors.

  1. Personal & professional redundancy
  2. Great friends can make poor business partners
  3. Lack of clearly defined roles

Transcription

When starting off a company as a business owner it’s very important to partner yourself with good quality partners and good advisers that can really benefit your company and take your company to the next level.

One of the reasons that companies fail, one of the main reasons is that they fall under several pitfalls that are very easily avoidable.

First one is they bring on multiple people with the same personalities and the same skills. You need to make sure that everyone that you have on your team both partners and advisers can compliment you and can compliment each other with unique skills and with unique personalities. With that said it’s not really a good idea with friends because if you’re good with someone socially it means that you’re likely on the same page, you have the same personality and that doesn’t always work out in the business place where you want to be able to have complimentary and opposing ideas.

Last point is when you finally do get your team together you need to be able to make sure that all of your roles are defined. A lot of companies miss this mark and they end up just having roomfuls of people debating issues and overthinking issues rather than having one or two experts understand the problem. Understand the history of the problem and be able to come out with the best result in a much faster time.

So with that said advisers and partners absolutely 100% essential. Pick the right ones and you’re going to succeed.