The 5 Nonnegotiable Factors of Any Successful Partnership
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Business Insider shares these tips to increase your chances of success:
1.Make it Legal.
Eager business owners may overlook the importance of a solid partnership agreement. They often engage with a potential partner to try out the fit without a formal contract. If things go south, it can turn ugly, and expose you to unnecessary risk.
2.Clearly Define Roles
Unclear roles will drive conflict. Partners generally know their strengths and weaknesses. Each may lean toward the aspect of the business that suits them best. However, problems will arise if duties are not explicitly defined.
3.Create Clear Exit Strategies
Decide what will happen if one partner leaves or passes away, if there are changes among company principles, or if the business is closed downMake sure you have a great operating agreement written by a seasoned attorney that outlines what happens to the business under all possible scenarios...It will be an expensive investment, but it will serve as the foundation for your relationship."
4.Create Conflict Resolution Strategies
There are bound to be conflicts in a partnership. If you both have equal stakes in the company, what happens if you cannot agree? Even if one partner has more legal power, there will still be conflict if there are disagreements.
5.Select Complementary Skillsets.
Andrew Schrage is Partner and Editor-in-Chief at MoneyCrashers.com, a top personal finance website.
He advises, "Make sure your partner's skill set complements yours, but is not identical. Having two bean counters run an operation is not a recipe for success, and if two creative types make a go of it, the accounting and other more mundane aspects of the business could suffer or even be ignored
source :
https://www.inc.com/marissa-levin/the-5-most-important-strategies-for-creating-a-successful-business-partnership.html
