The words "partner" or "partnership" actually have a lot of implications. From a legal standpoint, entering into a partnership is a more intimate act than putting up a corporation. One of the main differences between a partnership and a corporation is that in a corporation, you are only liable to the extent that you, as an investor, actually put capital into the business. In partnerships, you and the partnership are viewed as one. So let’s say your partnership gets sued and the suing party wins the case; you as a partner can be held liable, not only to the extent of your investment, but also as far as your own personal properties. So in a partnership, more is at stake. And that’s why I don’t take the word "partner" lightly.
The world has seen a lot of partnerships. But for me, one of the most compelling and most intriguing partnerships in history is not really known as a business – but rather as a songwriting collaboration between two very gifted individuals. I’m referring to Lennon & McCartney – the dynamic songwriting duo that made the Beatles more than just a rock band. Under the leadership of John Lennon and Paul McCartney, the Beatles became the most successful music act of all time. In the music industry, the words "Lennon & McCartney" mean a whole lot more than just a songwriting team. The "Lennon & McCartney" brand is a seal of greatness. It’s musical royalty (figuratively and literally, since McCartney was knighted a few years back).
More than 42 years after their first No. 1 hit the airwaves, the Beatles’ enterprise gets bigger and bigger. Paul McCartney is reportedly the richest musician in the world (his net worth is pegged at around $1.8 billion, although this will be reduced considerably in light of his ongoing divorce from Heather Mills). John Lennon’s estate (he was murdered in 1980 by a deranged fan) continues to rake it in, with his wife Yoko Ono deftly leveraging on the name, image and iconic reputation of her late husband. Paul reportedly earns more than 25 million British pounds a year in music-publishing royalties alone. According to Forbes magazine, John’s estate earns around $22 million annually. A big chunk of those royalties comes from the songs they wrote as Beatles.
But while John Lennon and Paul McCartney’s partnership is a phenomenal financial success, it was hardly a perfect one. In fact, as most people know, the relationship of John and Paul became very bitter – so much so that they sued one another when the Beatles broke up and openly traded barbs in their solo songs. John once remarked that Paul’s love songs were silly; Paul countered by composing a song entitled Silly Love Songs, boldly responding to Lennon with "Some people want to fill the world with silly love songs. And what’s wrong with that?" The song shot to No. 1. John also had some scathing words for Paul in his hit song, Instant Karma: "How in the world you gonna see, laughin’ at fools like me? Who on earth d’you think you are, a super star?" Even as enemies, they inspired each other to succeed.
But even if their partnership turned acrimonious, one thing is clear – there was something magical in the Lennon & McCartney partnership. There are a lot of principles and dynamics of partnership that all of us can learn from Lennon & McCartney.
Choose discriminately when selecting a partner: If there’s one important lesson on partnerships that we can derive from Lennon & McCartney, it’s this: Choose well. Like I said, partnerships mean deep commitment. It’s not just something you do together with another person. It’s a deep relationship. So you have to choose the right partner. John first met Paul at a church festival where his band The Quarryman had just performed. Paul was introduced to John by a common friend. Paul started tinkering with one of the band’s guitars. John was immediately struck by Paul’s natural talent on the guitar. He immediately knew that this guy was going to be an asset to the band. The next week, he invited Paul to join The Quarryman. John also tapped Paul because he knew that Paul would complement him. John was pessimistic, intense, candid, brash and more into rock. Paul, on the other hand, was optimistic, cheerful, tactful, sunny, relatively well-behaved, and more into ballads and Broadway. In choosing a business partner, we should also pay the same attention to talent. It’s always best to have talented and dedicated people in your team. It’s also best to find a partner whose talent will complement yours so there’s no duplication or overlapping. The Beatles were a great rock ‘n’ roll band – but they’re equally known for all their timeless classics like Yesterday and Here, There and Everywhere.
Get a partner who shares your vision: During the earlier years of the Beatles, John would prep his group by asking them, "Where are we going, lads?" And the standard answer from Paul, Ringo and George was, "To the top!" "And where’s that?" John would prod. The three would shout in unison, "To the uppermost of the poppermost!" They had a clear vision – and they truly believed they could achieve that vision.
Don’t rely too much on your partner: While a good number of songs by the Beatles are credited to Lennon and McCartney, it is interesting to note that most of their songs were actually written individually. As new bandmates, they initially started writing songs together. But as they grew older, their own individual styles started to surface. They began to write songs independently. While Paul and John were a songwriting partnership, they didn’t depend too much on what the other would contribute. Instead, they went about contributing whatever they could. And they were relentless. They weren’t too concerned about whether the other one was contributing. Each of them just kept on contributing songs. In fact, in a subtle way, John and Paul regarded each other as competitors. They competed against each other in terms of musical output. And this "competition" actually brought out the best in them.
And that’s important in business partnerships. Oftentimes, people get into partnerships with the hope of "reducing the load of work." But that shouldn’t be the case. When you partner up with someone, you should actually work harder – because then, it’s not just your success and failure that’s at stake; it’s someone else’s failure or success at stake as well.
Always respect your partner’s input: While John and Paul often fought, there was always mutual respect between the two of them. John would often compliment Paul’s work if he thought it was good. And Paul would always go to John and ask for his advice on certain songs he was composing. This respect is very important in any partnership. Once you take the other party for granted – and you stop believing in your partner’s abilities – the partnership is doomed.
To end, let me quote a Lennon-McCartney song entitled The End. The last words in that song are: "And in the end, the love you take is equal to the love you make." When entering into partnerships, make sure you put your "love of work" into it. Because, in the end, the fruits of your partnership will depend on what you’ve put into it.