Strength in Numbers
I finally took my advice.
As a financial advisor, my job is to provide advice and guidance. It is comical how the most challenging part is to take your own advice.
At the onset of 2020, I had one primary goal to have conversations and work at finding someone I would want to partner with. I was fortunate enough to get a recommendation in my advisor study group to connect with someone who had just moved back to Indiana from the Bay Area. Over a cup of coffee, then a beer or two, and many long nights of talking, I found that partner in Josh Bennett. I could write several posts on the amount of respect and admiration I have for Josh.
Today, though, I want to talk about partnerships.
So why merge? Plenty of people are successful in doing their own thing and are happy. The biggest is I tried to be self-aware enough to know that long term to give the best for clients alone; I was not going to be the best I could be. A younger me might not have been able to admit that, but hopefully, I’ve grown.
- Contingency Planning – My family and firm clients need to know if something happens to me; they will be taken care of and not see their financial futures at risk.
- Depth of Knowledge – We all have our strengths and weaknesses; I have always said, “I want to work with smarter and brighter people than myself.” I feel like I have hit the jackpot partnering and having an exceptional team. I will grow and learn because of them. In turn, the advice and guidance I provide to clients will be better as well.
- Balance – Trying to be an army of one is hard. I have always embraced the idea of a team and played team sports growing up. I have seen in practice and games how amazing teammates are there to pick each other up when someone stumbles or down.
- Growth – “If you want to go fast, go alone if you want to go far, go together.” The African Proverb is one that has always stuck with me. I genuinely believe there is so much truth in it.
There are so many challenges in partnerships, like a marriage, you must support, respect, and care for each other. There is a lot of discussion in dentistry, veterinary medicine, and financial planning about the growth of corporate consolidation and the eventual death of the “small” business owner. First, I call BS on that. Solo business owners still can be wildly successful. I do believe the partnership route can also help allow for a better service offering, the ability not to feel the overwhelming pressure from work, and have a thriving personal life. The critical part is identifying the right partner and fit.
My suggestion for anyone considering a partnership is to pick up The Partnership Charter: How To Start Out Right With Your New Business Partnership (or Fix The One You’re In) by David Gage. The book likely saved us thousands of dollars by bringing conversations to the surface to ensure we addressed and got it all out on the table. Regardless of the industry, it is vital to have deep and meaningful conversations. I hope my story can help you think about what you genuinely want and take the step to acknowledge if you are looking for a partnership. When you find the right fit, the feeling is incredible, let me tell you. Here’s to a new chapter with Josh and the team.