Success in business often comes down to who you work with. That’s what Chris Allchin discovered while building Allchin Management, his private equity firm. Most people think they need to own everything, guard their territory, keep all the profits. Not Chris. He learned that ego is the enemy of growth. His no-nonsense take on partnerships cuts through the fluff: bring in people smarter than you, find those with money to invest, and connect with folks who can open doors. But there’s more to it than that – and Chris isn’t afraid to share where he went wrong along the way.
Dropping Ego for Better Partnerships
Nobody builds an empire alone. That’s a lesson Chris learned the hard way. “You have to drop the ego and you have to bring in partners,” he says, pointing out a truth many business owners struggle to accept. The math is simple: “If you own 100% of all of your businesses, you are totally limited to 100% of what you know, and we don’t know everything.”
Three Partners Every Business Needs
When it comes to partnerships, Chris breaks it down into three essential types. Each serves a specific purpose in building a stronger business. Here’s how he sees it:
The first crucial piece is what he calls the skilled partner. “A skilled partner might be one of those A players that you hear of that have the skills to run your business,” Chris explains. These are the people who bring expertise you might not have, sometimes coming in on sweat equity to help build something bigger.
Then there’s the money partner – straightforward but essential. As Chris puts it, they’re “exactly that – they will provide the money to do that thing you’re trying to do.” It’s about finding someone who believes in your vision enough to back it financially.
The third type might be the most valuable: the strategic partner. These are the game-changers, the door-openers. “Maybe a strategic partner is somebody that can open some doors that would probably take you 10, 20 years to open,” Chris notes. “You bring in a strategic partner and they instantly give you access to the people you need to grow your business empire.”
The Hidden Fourth Partner
Money, skills, and connections matter – but Chris has discovered something that matters even more. “There’s a fourth one that we don’t talk about enough,” he says, “and that is does the person align with your values?” This insight comes from personal experience. “I’ve made this mistake myself where you bring somebody in, they work great, they have everything you think you need, but their personal life doesn’t align with your values,” Chris admits. It’s a candid acknowledgment of how partnerships can go wrong, even when everything looks good on paper.
Building Partnerships That Last
The lesson? “Be mindful that their values are aligned with you and you’ll go a long way,” Chris advises. It’s not just about what partners can bring to the business – it’s about whether they’ll fit into the culture you’re trying to build. Through Allchin Management, Chris puts these partnership principles to work every day. His approach shows that building a business isn’t just about finding people with the right skills or resources – it’s about finding the right fit on every level.
Finding good partners takes time. Keeping them takes something more. Chris’s experience shows that the best partnerships aren’t just business arrangements – they’re relationships built on shared values and mutual respect.
To learn more about Chris’s approach to business partnership, check out his LinkedIn profile or visit his website.
