According to Matt Rissell, Co-founder and CEO of the mobile time tracking software TSheets, trust and mutual respect are monumental to a successful business partnership – and he is right. It’s important to respect and understand the skills your partner has to offer. Partners should be aware of how they can complement each other to avoid competition. Apple Co-founders Steve Jobs and Steve Wozniak are a prime example. Wozniak was the technological mastermind of the computer model and Jobs utilized his business insight to make Apple a success.
But a business partnership is not for everyone.
In the case of Facebook co-founders Saverin and Zuckerberg it didn’t work out so well. After starting Facebook as good friends, Saverin ended up losing his ownership because of a lack of trust and respect.
Starting a business with your best friend is not always a good idea. A successful partnership requires trust that goes far beyond friendship. Making sure you share the same vision and mission is important early in the process. Vague promises are not enough. An Operating Agreement is a legally binding document that allows you to protect yourself and your partner. It also clarifies roles and responsibilities, which ultimately lowers the risk of legal disputes. Learn more about our 4-step process of creating Operating Agreements at http://speralaw.com/louisiana-operating-agreement