You are going to have to first deeply understand what each of you wants to get out of life and how this businesses helps each of you do those things. If you can survive and want to stay under your own control, then do so, but manage your cash (and by extension, your growth) carefully. "Cash is king" for a reason. It's because profits don't pay the bills; cash literally does.
Read "The E-Myth Revisited," "Small Giants," and "No Man's Land." They will give you great insight into how you need to view the management of your business, where you want it to go, and the sort of challenges you'll face based on the course of action you choose.
Good luck, and I hope that your choice is the right one.