The most important thing when doing business

When people talk about what makes a great business partnership, they usually mention things like intelligence, competence, relevant experience, or complementary skills.

They look at how well two people “fit” on paper—whether one is the visionary and the other the operator, or one brings strategy and the other brings execution.

But there’s something more fundamental—so basic, in fact, that it’s often overlooked. It’s trust.

And in my experience, trust is the single most important asset in business.

Our entire economy—our institutions, systems, and partnerships—runs on it.
Without trust, nothing works. No deal is safe. No system scales. No business truly lasts.

Let’s zoom out for a moment.

Humans didn’t rise to the top of the food chain because we were the fastest, strongest, or even the smartest species.

We succeeded because we learned how to cooperate—how to build things together at scale. And the glue that made that possible, from small tribes to global companies, is trust.

We’re the only species capable of working with complete strangers toward shared goals. That’s how we built empires, cities, companies, and markets. But all of that only works if we believe—on some level—that people will do what they say they’ll do.

In business, this shows up in quiet, everyday ways. A bank gives you a loan because it trusts you’ll pay it back. A supplier sends you inventory on a 30-day term, trusting you won’t disappear. A franchisee signs a license agreement, promising to represent your values and your brand.

But imagine you had no intention to ever pay the bank back. You falsify documents, pitch a fake business plan, get the loan, stash the money, and flee to a country with no extradition treaty. Technically, a contract exists. But what does it really mean?

Legal enforcement is slow. It’s expensive. And most of all—it relies on basic cooperation. If someone knows how to game the system—documents are worthless. Banks and businesses know this, and in many cases, just take their loss. The act of pursuing will cost them more than what they potentially will ever get by chasing. For them, it is a simple cost and benefit analysis. 

So the real safeguard isn’t a contract. It’s character. And we’ve seen this play out again and again.

Investors believed in Elizabeth Holmes.
They trusted her vision of revolutionizing healthcare with a single drop of blood.
She raised over $700 million—backed by billionaires, former statesmen, and powerful institutions.

But when the truth came out, the tech didn’t work, patients were harmed, and the money was gone. They had the documents.

But what they lacked was honesty.

Backers believed in Adam Neumann.
They poured billions into WeWork, sold on his dream of a new way to work and live.
The paperwork was pristine.

But when the numbers failed, the business nearly collapsed—and Neumann walked away with nearly two billion dollars in personal gain. They had the contracts.

But not the character.

And I’ve felt this myself—firsthand.

I once built a company with someone I trusted.

We had shared ownership, signed agreements—everything looked clear on paper.
But behind the scenes, our brand was secretly registered under his own name. Company funds were misused. Resources were funneled elsewhere. And when everything started falling apart, I was left dealing with unpaid bills, legal chaos, and the emotional wreckage of a broken partnership.

The documents were there. But trust was gone.

Another time, I signed a licensing agreement with a franchisee.
They received full support, training, access to our systems—everything they needed.
But they never paid a cent. I had to take legal action, still ongoing, cost me thousands and will bring me nothing. My money? All gone. 

Again, all the paperwork was in place. But there was no integrity on the other side.

That’s why I say: contracts are worthless without character. Trust isn’t a detail—it’s the foundation.

So if you’re starting a business, forming a partnership, or signing any kind of agreement, don’t just look at the deal.

Look at the person.

Do your homework. Listen to your gut. And if something feels off—act early.

Because once trust is broken, it’s rarely repaired.

And no legal document will ever protect you from the wrong kind of person.