Having a partner in your business gives you someone to share responsibility with. This helps ease your burden of running a company all by yourself.
Naturally, having a business partner also has its downside. Disagreements can wreak havoc to your company and conflicts may arise that can lead to the closure of your business. Remember, it is easier to get into a partnership than to get out of it.
THINGS TO LOOK FOR IN A PARTNER
• Skills that can complement your own.
• Excellent communication skills (open communication),
• Must be able to talk honestly about any issue.
• Ability to argue effectively and stick to facts.
• Must be able to respond well when things are not going as planned.
PARTNERSHIP IS MARRIAGE WITHOUT SEX
You must find a lawyer and take legal steps when you have a partner in business. Have your lawyer draw up a written agreement on how to divide the business if you experience irreconcilable differences.
Here are few things that you should consider putting into the document:
Giving a partner the option to buy-out the other partner. The other partner has the option to accept the money or buy-out the partner at the same price offered.
What happens to the business should one partner pass away?
The arrangements to this effect have to be in place, signed and agreed on paper. After all, both partners also have their respective families who will look up to them and depend on financial needs.
You might think that this would never happen. After all, you are going into business with your best friend or your close relative. Unfortunately, in the real world, this is not the case. The closest friends sometimes end up at each other’s throat after a year or two.
WHEN PARTNERS WAGE WARS
Conflict often happens because of the absence of verbal communication between the partners. When this happens, people assume the worst of other people’s behavior. This results in a war.
If you find yourself in a conflict with your partner, look for a quick resolution to the problem. Make sure the resolution is fair to both parties. Do not prolong the situation. Seek a solution as fast as you can.
Business partnerships are often highly successful because of clarity and transparency in communication as well as dealings. Operate fair and share the output right. You two will and have a long way to go.
I'm a self confessed foodie, king of the kitchen, wannabe anthropologist, technology evangelist , curious, inquisitive & experimental entrepreneur at @DigiLands and an adrenaline junkie. Love spending time with my wife & two young children and faulty KitKats that consist purely of solid chocolate.