Lonny Bernath is a North Carolina businessman who both works and lives with his wife, Julie. As co-managers of the same organization, Julie and Lonny Bernath work closely and share business goals. Though working with your spouse presents its own issues, it is often less-risky that working that closely with someone that do you not know as well. If you’re considering a co-founder for an upcoming business endeavor, for example, you’ll want to think of points like the following before committing:
- Risk Preferences – When you manage a business with another person, your risk preferences should align, not conflict, in most cases. For example, if your partner is a risk-lover and you’re conservative, you’re both likely to face frustration when faced with chancy choices. Make sure you discuss risk preferences multiple times so that you can be sure your partner is the right match for you.
- Personality Compatibility – It might seem silly, but many business people say that you should never partner with someone that you wouldn’t drink with. If your business partner isn’t someone that you’d spend time with away from work, they might not be a good fit regarding personality compatibility, which can lead to increased conflict during times of stress.
- Commitment Levels – Business partners should be equally-committed to their endeavor. If not, you might find that one of you is ready to close up shop over an issue that the other one sees as a simply learning experience.
Even if you have the decades of experience that Lonny Bernath possesses, it’s wise to do your research and consider all possible aspects before you decide to work with a co-founder.