Choosing Partners

I have been making mistakes all my life. But I always try to learn from it and try not to repeat the same mistake.

I started a design and build company several years back. Being able to bring in sales, I started to grow my business from a home office to a JTC office and a factory. I needed a helping hand to manage my business. Immediately, I thought of a colleague whom I used to work with. Although he was not very efficient in some of his dealings, I thought his experience would compensate for it. So I approached him and proposed the idea of him quitting his job and work for me. That was my first mistake, selecting a wrong person.

Subsequently, I made him a deal that I will never forget in my life. I gave him 50% of my shares free of charge for him to join my company. I was actually blinded by the amount of business dealings I had and I was desperate for a right hand man. I grabbed the first person I recalled without considering the pros and cons. Until now, I cannot believe my stupidity and impulsive decision back then. I must have been possessed. My second mistake, getting zilch for the transfer of 50% of my shares to him, and worse, giving away my control of my company.

Our business grew. Our opinions started to differ. It never happened before because he had always regarded me as the final decision maker, as I had started the company. But money blinds. Finally, there was a tense situation between me and him, and since there was no longer a major shareholder in the company to put an end to it, I felt that the situation would never be resolved. I decided to sell my company. I sold him my shares. However, I had simply forgotten that I had given him 50% of mine previously for free. Third mistake, I should take note of company accounts and good will of the company more seriously, rather than just trying to get him out of my sight.

Till now I regretted choosing him to be my partner. I felt that I should improve my judgment of people. But I have to learn from my folly. And today, I repeated my mistake by choosing a wrong project mate. Not again! What was I thinking of?

On a positive note, I did choose one person correctly to partner with. I made the ultimate right choice of choosing my wife.