The Pitfalls of Business Partnerships
The Pitfalls of Business Partnerships
How can a strong ethical foundation contribute to the overall success of a business?
From an early age, being Jewish instilled in me the importance of giving people good service, fair service, and fair pricing. Whether it's a client doing a small bathroom remodel or someone spending millions, I believe in treating everyone the same—whether it's the janitor or the CEO. I firmly believe that what you give out, you’ll get back. There are more than enough blessings and money in this world for everyone to enjoy.
In business, I believe in trusting in God, knowing there’s a higher being who will provide for you, your family, and others. One of my core principles is to do business fairly and treat everyone with respect. In home building, emotions can run high because there’s a lot of money involved, and clients are often stressed from juggling their jobs and the project. But my best advice to any business owner, whether they've been in business for 100 years or are just starting out, is to believe in God and treat people the way you want to be treated.
What are the benefits of continuous advertising and marketing for business growth?
I believe any marketing or advertising is beneficial. Like the saying goes, "There’s no bad press, no bad marketing." I think it was either Ford or Coca-Cola that said to never stop advertising—whether it’s a good time, a bad time, or a difficult time. Always put your brand out there, whether it’s on a cab, a t-shirt, or a logo on your car. You never know when the next opportunity will come. It could be from a referral, a sign, or even a hat. I’m a firm believer in constant advertising and marketing, as something good will always come from it.
How can business owners decide between partnering or going solo?
Anytime you put two people together, even if they’re brothers or grew up in the same household for 20 or 30 years, there will be disagreements. Personally, I don’t think partnerships, especially in business, are the right fit for me. Maybe they work for others, but I don’t believe I will ever partner with someone in business again. You’re always going to butt heads.
Don’t get me wrong—he was a great business partner and mentor for 13 or 14 years before we parted ways. But in business, especially construction, where you’re dealing with subcontractors, homeowners, salespeople, and project managers, it’s tough. My advice to your listeners is to try to do it on your own. Put in the extra effort that a partner would, and in the long run, you’ll be proud of your success and reap all the rewards.
*This interview has been edited and condensed for clarity.*
