n l MONEY

But can you get along?

For an increasing number of baby boomers and seniors, the words “early” and “retirement” just don’t go together. Maybe they have not saved or invested enough to make the leap into retirement. Maybe they can’t imagine not working.

If you’re in that boat and think about starting your own business — with a partner — financial expert Michael Masterson has some advice for you. In his new book, “Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire” (Wiley, $24.95), Masterson first delves into something he calls “chicken entrepreneurship,” which is the only start-your-own-business strategy that he recommends. “Since you can’t know if your brilliant new business idea will work out until you’ve given it a good test for a year or two, my advice is don’t quit your day job,” he explains in a press release.

As for teaming with a partner, here are his tips:

• A really great partner is someone who has the potential to take the long voyage with you. Say to yourself, “This person may be fine now, but will he (or she) be able to do a great job when the business is 10 times this size?” If you can’t answer affirmatively, look for someone else.
• When you hire or partner with someone, he or she should understand that your commitment is to a particular vision. If you can inspire a partner to commit to that vision, it will be much easier for you to work together and make the right business-building decisions.
• Think about your own strengths and weaknesses. Make sure your partner has qualities that complement yours.
• Make sure the business is always involved in providing a product or service that you both like — or don’t do it.
• Make sure you both agree on the way you would handle hypothetical situations that could affect the business. What would you and your partner do, for example, if one person wanted out?

As a final note, Masterson warns, “If you choose to partner with the wrong person, it could mean the end of your business. At the very least, it could cost you lots of valuable time and energy. Don’t underestimate the importance of this decision — it’s probably as critical as choosing the right spouse.” n