Are you ready for a business partnership?
We all have colleagues, friends or family who we love to work with or make special plans. Sometimes those relationships can turn into business partnerships. When this happens, it’s important that all parties agree on the direction of the business and the risks involved.
With potential business partners, I ask a series of questions around the relationship between both parties, their roles in the business and ensuring all parties’ are aware and aligned with overall goals. In a business partnership, the lines of communication and risks increase significantly.
Two of my clients wanted to go into partnership. After establishing a baseline on where they wanted to go with their business, the next steps were opening the business and obtaining a “business prenup” (i.e. Business Partnership Agreement). This would ultimately provide a clear understanding for the partners to address unexpected circumstances and settle disagreements ahead of time.
In assessing their temperament for business and partnership, the parties decided to postpone their venture, explore individual opportunities and agreed to consider partnership in the future.
For any partnership, it’s important to be ready for the road ahead. Business partnerships can work as long as “ground rules” are established by partners communicating expectations and having a written agreement on how to resolve any issues along the way.
Tips for Successful Business Partnerships
Ensure everyone has a shared vision for the business
Choose partners with complementary skills and experience
Communicate often
Obtain an experienced attorney to create an official partnership agreement in order to establish clear expectations in writing on roles, responsibilities and disputes
Have Fun and Celebrate Your Success!
Ready to start your business journey? Schedule a call with me to get moving in your business!
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