This week’s edition of Let’s Talk, our experts discuss whether it’s time to bring on a business partner, or stay solo.
Plenty of founders hit the same wall. The business is growing, the to-do list isn’t shrinking, and somewhere in the back of your mind is the question of whether you should be doing this alone. A business partner can bring capital, skills, or headspace you don’t have. It can also mean handing over decisions you’ve made solo for years. So how do you actually know which one you need?
Let’s Talk!
Leanne Berry, Partner Engagement Manager, MYOB
Many founders start thinking about a business partner when they hit a skill gap, the workload becomes unsustainable, or growth needs more capital, contacts or capability than one person can provide.
The important question is whether shared ownership is the right answer, or whether the business first needs stronger systems and clearer processes. MYOB’s latest Business Monitor found 43% of businesses that have digitised more operations say they’ve become more productive, while 27% say it has helped them keep getting work done.
If you’re considering bringing in a partner, ask three questions first.
Am I missing a capability or just capacity? If a critical skill is limiting the business, a partner may make sense. If there simply aren’t enough hours in the day, hiring a contractor, employee or adviser may be the better first step.
Could the business run without me for a week? Make sure key processes are documented, financial information is current and responsibilities are visible.
What growth problem is the partner solving? Be specific. A good partner should solve a clearly defined strategic problem, not just provide relief from being busy.
The strongest partnerships are usually built after the business has established clear systems, transparent financials and a shared understanding of success.
Scott Burridge, Findex Partner – Accounting and Business Advisory, FINDEX
“Choosing between flying solo and bringing on a business partner is a bit like deciding whether to kayak alone or paddle a tandem. Both can get you to the finish line, but only if you’re suited to the ride.
A business partner shouldn’t just fill a seat; they should fill a gap. The best partnerships bring complementary skills, different perspectives and someone who’ll challenge your thinking (respectfully, of course). If you’re looking for someone simply to share the workload, there may be other ways to solve that challenge without giving away equity.
A good first step is to ask yourself one question: What problem am I trying to solve? If it’s expertise, accountability or a shared long-term vision, a partner could be the answer. If it’s being too busy, stretched or overwhelmed, there are usually other ways to solve that.
Whatever you decide, don’t rush it. Choosing a business partner can be a bigger commitment than choosing a spouse, it’s certainly harder to untangle if things go wrong!
The right partnership can accelerate growth, but the wrong one can slow it to a crawl. Choose someone whose values, vision and way of working will still make sense when the honeymoon period is over.”
Dejan Pekic, Founder & Senior Financial Planner, Newealth
“You’ve spent years building your business, and now you’re focused on the next step. Whether bringing on a business partner is the best way to achieve further growth will depend on your situation, your motivations and your long-term financial goals.
A partner might bring niche expertise or the networks to give your business a much-needed boost. They could bring the capital required to fund expansion. Or it may be a case of appointing an adult child as a partner, who then becomes a key part of your succession plan.
The reasoning needs to be solid. If a skills gap could be filled by an employee, that’s usually not enough to warrant bringing in a partner.
The why is one question. The who matters more.
A succession plan is essential for every small business, to avoid potential damage through operational losses or a leadership vacuum. That is why bringing on an adult child can make sense. They know the company, and you know exactly who they are.
Whichever you choose, a shared vision and aligned values are crucial. So is a formal partnership contract to clarify roles and expectations, and a financial strategy to protect your business and personal wealth.”
Vanessa Emilio, Principal Lawyer and Founder, Legal123
“We see the aftermath of this decision every week. A recent client ran a cafe in partnership with a friend. One partner put in capital at the start but contributed little after that, while the other worked flat out running the cafe. The business was barely cash flow positive, and they agreed to unwind it back to a single owner. There was no partnership agreement. The negotiation was short, but they were friends, and that made it hard to keep the acrimony out. The central dispute was avoidable: was that capital a loan to be repaid, or an equity investment that simply had not paid off? Nobody had written it down.
So the question is not “do I need a partner?” It is “do I need this partner enough to share control and profits permanently?” Ask three things. Does this person bring something you cannot hire or contract in? Have you agreed in writing what happens if one of you stops pulling their weight or wants out? Is any money going in a loan or an equity investment?
If you do partner, sign the agreement on day one, while you still like each other. That is when it is cheap.”
Jac Phillips, FFi Cofounder, Coach & Creator, Future Fluency Index
“Deciding between hiring and partnering often comes down to one question: do you need someone to do the work, or someone to sit in the unknown with you?
Jonah backed Jac’s early vision for futurefluencyindex.com long before any formal partnership. Testing a low-fi Typeform against Jac’s 20k-strong LinkedIn audience confirmed the thesis: leadership tools built for the future, not the past, did not exist in the market.
This wasn’t new territory for Jac in her leadership coaching, and her partnership with Gabrielle Dolan on Keeping It Real had already proven the partner model. Jac and Jonah understood the value of pairing different expertise while staying aligned on values, trust and ambition. Finding a partner with the grit to own, evolve and problem solve let them move further and faster than either could alone.
So they went 50/50. Six months in: four corporate cohorts, 350+ A/NZ leaders through the diagnostic, a recruitment partner on board, and academic endorsement – a pace neither could have hit solo. It takes someone equally invested in the outcome. When you know your potential and find a partner with the aspirations to match, go for it – eyes and arms wide open.”
Anthony Simonetta, Managing Director, XtraClubs
The most important thing when deciding whether to bring on a business partner or stay solo is understanding what you are genuinely great at, where your experience falls short, and whether those gaps are critical enough to require an expert co-founder.
This has played a huge role in the success of XtraClubs.
I’ve been an entrepreneur for 10 years, and every business I started before XtraClubs centred around technology. Building technology is my core strength. But great technology also needs to feel intuitive and human. Design wasn’t my strength, so bringing my brother—someone with exceptional design capability—into my first business was an obvious decision.
I took the same approach with XtraClubs. Early on, I realised construction management would be critical if we wanted to roll out multiple locations. I had never managed a construction project or delivered physical sites, and this wasn’t a skill I could simply pick up along the way.
I needed a co-founder with deep construction management experience, and fortunately, someone I knew and trusted had exactly that experience.
Ultimately, ask what the business needs that you cannot provide yourself. If it’s fundamental to your success, finding someone who fills that gap and matches your values and ambition can be one of the best decisions you’ll make.
David Caruso, Founder & CEO, BuyFactory.direct
“I have taken on partners twice, in side projects that do not exist anymore, and both times I learned the same thing about myself. I am not an easy partner. I set high expectations, then find myself carrying more of the weight than I agreed to, and I get resentful about it instead of just saying something.
Both times I tried to “back” an industry expert, someone who knew a field I did not, and it fell over because their work ethic did not match what I expected of myself. Expertise was not actually the thing I needed.
The one partnership that has lasted is with my wife, Renoo. She covers what I am bad at: HR, accounts, the detail work I have no patience for. I am the big-picture one. Neither of us had to change to make that work, because we already knew each other before the business existed.
If you are deciding whether to bring someone on, do not ask what they know. Ask whether you would actually want to work next to them on a bad day.”
Umar Darhal, Founder, LinkHarbor SEO
“I stayed solo for about 14 months and it nearly broke me. Outreach, client calls, invoicing, content, all of it fell on me, and things kept slipping through the cracks. I once missed a client deadline by two days without even realizing it until they emailed asking what happened. That was the moment I knew something had to change.
Bringing someone on is when things actually started moving again. My advice: don’t wait until you’re drowning to make the call. If you keep turning down work because there aren’t enough hours in the day, or you’re the only one who knows how half the business runs, you already know the answer, you just haven’t admitted it yet.
A partner isn’t only extra hands. They catch what you miss, and they’ll actually push back when you’re wrong, which happens more often than we’d like to admit. You can teach someone skills, but trust is a different story, and that’s not something you want to figure out the hard way once money’s involved.
Go solo if you like the control and don’t mind the occasional rough week. But if you’re always the bottleneck, at some point you have to ask yourself why you’re still doing this alone.”
Annette Densham, Profile Building Specialist, Award Writing Services
“Most people asking this question are actually trying to solve a specific problem, whether that is workload, a skill gap, loneliness, or capital. A business partner is one solution to those problems. It is rarely the only one and often not the best one.
Be specific about what you are trying to solve first. If the answer is skills you do not have, a contractor or senior hire might get you there without giving away equity. If the answer is capital, funding structures exist that do not require a co-owner. If the answer is accountability and someone to think with, a peer group or mentor costs considerably less than half your business.
If a partner still makes sense after that process, the questions most people skip are the ones that matter most. How does this person make decisions under pressure? What happens if one of you wants to exit and the other does not? What does each party own, owe, and control, in writing, before a single dollar is made together?
The romantic version of a business partnership is two people building something great together. The realistic version is a relationship with financial and legal consequences that is harder to exit than a marriage.
Go in with the same rigour you would apply to any major business decision.
Liking someone is not due diligence.”
Michael Russell, Managing Director, Finwave Finance
If you are going into a business partnership based on perceived failings and loneliness, that’s not a business case; that’s an emotional decision. These might be gaps you can fill with a coach, a hire, learning more or outsourcing the bits you hate, rather than giving away ownership of something you poured blood, sweat and tears into.
If you’ve been running solo, you have to get used to a partnership permanently adding negotiation to decisions you previously controlled alone—pricing, who you say no to, how fast you move or what you spend on. Things you settled in four seconds now need a conversation and sometimes a compromise.
What happens when the honeymoon is over? Plan for the worst-case scenario: would you survive if they want out, or if you do? Have the hard conversation early and put formal agreements in place that protect both sides, with exit terms written down while everyone’s still being nice about it.
Try before you buy; give it six months. You need to see how they handle unhappy clients, slow business and things going wrong. People change when they’ve got skin in the game.
Australian businesses structured as partnerships have a four-year survival rate of 51.3%.
Michael Mastrodimos, Founder & Creative Director, Peanut Productions
“There comes a time, for a variety of reasons, when founders may consider bringing on a business partner. Rather than focusing on the question itself, I’d encourage business owners to first understand the problem they’re actually trying to solve.
Before considering a partner, I’d ask whether the business genuinely needs another owner or simply stronger capability. As Peanut Productions has grown, I’ve found that investing in exceptional people and placing them in the right roles has created the capacity the business needed, while allowing me to step back from the day-to-day and focus more on strategy, culture and our future direction.
Personally, I’ve never felt compelled to bring on a business partner because I’ve always believed in building a leadership team that grows alongside me, not beneath me. I want our senior leaders to feel a genuine sense of ownership in the business and to contribute strategically, not simply operationally. That means backing their growth, trusting them with meaningful responsibility and creating an environment where they can flourish. In many ways, I see them as my partners in building the future of Peanut.
That philosophy also creates opportunities for our emerging leaders, ensuring the business continues to evolve from within.
Would I ever consider a business partner? Absolutely, but only if it supported a significant strategic shift that couldn’t be achieved by developing the talented people already around me. For me, the better question is: What does the business need most to reach its next stage of growth?”
Kim Woodward, Director & Founder, Woodward Finance
“After working with Australian businesses for more than 15 years, I’ve seen many owners assume they need a business partner when, in reality, what they need is funding to support the next stage of growth.
One of the biggest mistakes business owners make is giving away equity simply because the business has outgrown them. Before bringing on a partner, ask yourself whether you really need another owner or whether you need capital, skills or extra capacity.
We’ve worked with businesses that were considering selling a share of their company to purchase equipment, hire staff or improve cash flow. Once they understood the finance options available, they were able to achieve those goals while keeping full ownership of the business.
Of course, if someone brings specialist expertise, industry relationships or strategic value that genuinely complements your strengths, a business partnership can be incredibly powerful. The key is making sure you’re solving the right problem.
Before giving away equity, explore every option. Ownership is difficult to get back, but funding can often provide the growth you’re looking for without sacrificing control.”
Scott Capelin, Founder, inLIFE Wellness
“Deciding whether to bring on a business partner or remain solo is a pivotal choice that hinges on five key factors:
• Skill gaps: Assess your own skills and experiences. If there are areas where you lack expertise, be it finance, marketing or operations, a partner with complementary skills can fill those gaps.
• Workload: Consider the scope of your business. If you find yourself overwhelmed with tasks, a partner can share the burden and bring additional resources and perspectives.
• Vision alignment: Ensure that your vision for the business aligns with a potential partner’s. Discrepancies in goals or values can lead to conflicts.
• Financial considerations: Evaluate the financial implications. A partner can provide capital and resources, but it also means sharing profits and decision-making.
• Long-term goals: Reflect on your long-term objectives. If you envision scaling rapidly or entering new markets, a partner may accelerate that growth.
Ultimately, weigh these factors carefully. If collaboration enhances your business potential and you find the right fit, it might be time to consider a partnership. Otherwise, staying solo can allow for greater control and flexibility.”
Byron McCaughey, Founder and Psychologist for Entrepreneurs, Sublime Studio
“The trap many business owners make when considering whether to bring a partner on board is to treat it as a question of capacity or capability. “I don’t have time to do X” or “I don’t have the skills to do Y”, so I better bring someone in. While these functional elements are part of the equation, the most important element is compatibility.
If you decide to test the water with different people, go beyond just the functional part; focus on the human element, and ask yourself a simple question: can we work together as a high-performing partnership?
Quality conversation is the way to know this before committing. Sitting down together and discussing:
“How should we make decisions together?”
“How will we know things aren’t working between us, and what will we do about it?”
If those conversations flow with honesty and ease, that’s a good sign. If they feel effortful and guarded, that’s useful information too.
Not only will these types of conversations give you the best chance of committing to a partnership that works, but it will also sustain the relationship over time as you create a dynamic between you both that prioritises open and honest dialogue. Compatibility trumps capability every time.”
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