Building a solid foundation for your business partnership is essential
Setting up and maintaining a thriving business partnership is not easy. But it’s doable with the right amount of planning and communication. Sooner or later, most business partners discover discrepancies in terms of work ethic, roles, leadership or financial goals.
The first thing you should determine is whether you really need a partner, or if you should hire the other person as an employee. What qualifies someone as a partner are financial resources, connections, or important skills you don’t have.
Communication is essential in every step of the way. A common mistake is not getting to know your partner well enough. Try to tackle small projects together first and see how your personalities and values match. Being able to express expectations, opinions and ideas openly will drive a successful partnership.
Partnerships between friends or spouses are particularly risky because of the strain it puts on the personal relationship. Friends and spouses tend to neglect the planning aspect of building a partnership more than people who have no previous relationship.
It’s common for business partners to work well together early on, when the decisions are easy. As the relationship grows, the decisions become more complicated, and disagreements will occur. A good Operating Agreement will address how your business will handle those disagreements before they happen. Learn more about our 4-step process of creating Operating Agreements at http://speralaw.com/louisiana-operating-agreement