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I've owned many businesses and my experience is that partnerships don't work. Therefore, my only partner is my wife. We are working toward a common goal in life, so our thoughts and visions run the same course. And the profits go in the same bank account!
In partnerships with others, both sides tend to make assumptions without vocalizing their thoughts, concerns, and expectations. It doesn't take long before hard feelings emerge and the relationship goes down the tubes.
I wouldn't suggest taking in an employee as a partner just to keep them. I tried it once and it failed immediately. Instead, throw a cash bonus their way every once in a while. Make it unexpected, and don't hint at more bonuses coming or they'll expect it. Do it when you want to and can afford to and on your own terms. I always said, "Here, I feel like giving you this bonus" and leave it at that. Then I'd give another bonus a few months down the road when it suited me.
I guess my message is that I have found that it is easier to part with a disgruntled employee than a pissed off partner.
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