Posted on Tue, Apr 26, 2016 @ 08:00 AM by Carlos Lahrssen
Going into a business partnership can be just as serious as saying “I do.” While you may not have to get a ring, you need to know going into a co-opted venture with another owner is a huge commitment, and one that can make or break your business together.
You not only need someone you can work with well, but someone that shares your ideals and vision.
Partnerships throughout the ages, including Coco Chanel and Pierre Wertheimer as well as Thomas Edison and J.P. Morgan, consisted of an innovator/inventor coupled with financial investors.
One side has the vision, while the other provides financial backing and connections to make the product or service a reality.
We’re here to give you some tips on what to look for in a successful and flourishing business partnership.
What Has Made Other Partnerships Successful?
It takes far more than a penchant for entrepreneurship and sales to make it in the business world. We have looked at other partnerships that have lasted; these are some key characteristics:
- Complete trust: You’re not doing business correctly unless you can trust your partner with everything. Otherwise, why did you go into a partnership?
- Great communication:Take time every single day to be on the same page about big business matters.
- A clear agreement: Is everything that’s expected of you two written out and signed? That way, accountability isn’t ambiguous, and both of you can be “accountabilibuddies” if one isn’t pulling enough weight.
To Have a Successful Business Partnership…
In order to build upon the above attributes and have an awesome partnership with someone, you need to look for the following in a person:
- Someone with integrity and who will do the right thing
- Be in agreeance of who the business figurehead is
- Someone you’ve known for a long time past an acquaintance status - and had a great relationship with
- Similar/congruent money goals
- Complementary skills - so what you’re weak in, they can compensate
- Know what each of you want out of the partnership, and don’t lose sight of it
- Be able to talk about the difficult, nitty gritty parts of the business at any time
- Always be willing to learn/modify current techniques
- Someone that has genuine respect for you and the business
Ultimately, the choice is yours on whether you think having a partner is necessary for your business. But it can make weathering tough times more manageable, as well as making the good times roll better than ever.
Committing through something as a team can be the best decision you’ve ever made--or the worst. It all depends on how your partnership executed, and if clear expectations are set at the get-go.
What traits do you find necessary in a business partnership? We’d love to hear your opinion in the comments below!