There Is No Us in Business: A Practical Guide To Knowing When to Take On a Business Partner (And When Not To)
Many of the best companies, like top recording artists, are solo acts. Just as recording artists need a room full of other musicians and technicians to create their best music, sole owners need a team to produce and sell their product. Ultimately, however for solo acts it is their music and for the sole owner it is their business.
Remember for every Lennon and McCartney there is a Bob Dylan or Billy Joel. If, like a great front man, you are your business's differentiating factor and your team members' skills can be acquired for cash, keep your equity for yourself. Exchanging a percentage of a company you should believe will be your most valuable asset for a buyable skill is often a poor trade.
Your equity must also be selfishly guarded when you seek funding for your business. All alternatives to selling equity must be exhausted first.
One is the loneliest number so going solo will be tough at first but later you'll be happy you did. Trust me. Read on and I'll show you how.