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.”

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