What is a Thinking Partner and Who is Yours?

Am I taking the best approach in my business? Am I making the right investment decisions? What am I not thinking about that I should be thinking about?

These are some of the common questions that individuals and business owners often ask themselves. However, many of the most successful people in life have someone who they lean on as a “thinking partner” to talk through difficult situations, from pivotal business decisions to the run-of-the-mill things that life throws at us. What most people don’t realize is the value of that relationship and how it can have an exponential impact on how their lives turn out. 

Family members, business partners, attorneys, CPAs or financial planners most regularly serve as thinking partners, but sometimes it isn’t a formal relationship at all. These influencers tend to be great at looking at things from an outside perspective and being able to piece together what could and should be done. They aren’t always right, but they tend to offer a good reality check when a sounding board is needed most.

Just take a look around at whose opinion you value or who you tend to listen to regarding important matters. Each and every one of those people has a place in your life for a specific reason. It could be someone that you’ve known your entire life or a professional that you’ve hired. These people should be able to look you in the eye and tell you when you’re doing something wrong or help to refocus you when you’re not focusing on the things that matter the most. Charlie Munger is a great example of a thinking partner that Warren Buffett randomly came across. Not only has Munger become an amazing business partner for him, but also someone who Buffett can constantly debate ideas with and call him out when his thinking isn’t the best. 

Everyone faces distractions, desires or pitfalls in life as we go through it. It’s how we are able to adapt and react to those circumstances that determines the level of success that is achieved. Everyone should feel empowered that they’re doing the right things and on track to achieve whatever level of success it is that they desire. Make sure that you stay on track to accomplish your goals by utilizing your thinking partner or taking the steps to find one.

The Allegiant Private Advisors team often serves the role of a thinking partner for our clients. Please contact our team if you wish to discuss your specific situation and opportunities.