[ux-app]

I recently bought on a partner for my business. It was definitely the best thing I could have done. He's an absolute champ and has the same hunger for success as me. Our skills are complimentary and our little business is slowly but surely growing.

Of course protect yourself. Have a contract. Never go with a vague contract and then hope for the best. Have everything in writing. Ownership stake, expectations an escape hatch for either of you in case of a falling out etc. For us there was a clause stating that the contract could be nullified by either party within the first 90 days for any reason.

I had worked on my side business for 3.5 years at the point I partnered up. My partner first spent 2 months working away and we didn't formalise the agreement. We were making sure that we were going to work well together.

I finally said that we can't go on like this and we really need to formalise his ownership etc. We discussed figures and arrived at an arrangement that worked for us both.

In the end, for me it came down to this: own 100% of 0 or X% of a real business.

Once that clicked for me, bringing on and trusting a partner was an easy choice.

[riklomas]

Yes I agree with this. I think if you're going to offer equity too, offer equity that vests over a longer period of time (3-4 years) might help keep them connected and give them a reason to stay with the business too. Make them work for ownership of the business.