My US$15-Million Lesson in Choosing a Business Partner
By Mike Whitaker, author of The Decision Makeover
The most expensive lessons in my life have been due to poor choices in business partners. In fact, I lost more than $15 million dollars in 2010 in the demise of my manufacturing business because I was vulnerable to my partners and bankers. When things are going great, partners behave great.
When things turn, you find out the truth. Owning a business is hard enough without suffering from the self-serving whims or circumstances created by your business partner. Choosing a good business partner can mean 1+1=3. A bad business partner can kill your business and your bank account.