Going into partnership with someone is fraught with difficulties. But it can also be a rewarding experience. Recently, I spoke to a woman who told me about her plans to set up a business partnership with her friend. By the end of our conversation, I was convinced that they weren’t going to remain friends for long. I felt that the partnership was a recipe for disaster.
She wanted some advice on her business idea but kept peppering the conversation with comments about her soon-to-be business partner. They range from “Well, she’s a bit of a flake” to “She has kids and I don’t but I’m not going to let her use kids as an excuse for not pulling her weight”.
Needless to say, this inspired my Enterprise post this week.
When you take on a business partner, it might be advisable to perform the entrepreneurial equivalent of a wedding ceremony. After all, in most cases you need to stick together in sickness and in health, until death – of either a partner or the company – do you part.
On paper – just like marriage – a business partnership looks perfect. Two parties bringing together their assets, skills and passion to build a future together. However, business partnerships – just like marriage – can be fraught with tension, stress, financial worries and values or goals that may be misaligned.
If you’re even remotely contemplating going into a business partnership with someone, here are a few factors to consider.
You can read the full post here.