Friendship is great – respect is better
Choosing the right business partner who will complement your vision and skills is only the first step towards a long-lasting business partnership. Statistics have shown that up to 80 percent of business partnerships don’t last. Here are five tips to keep in mind as you continue to work with your business partner or plan to bring on a new one.
First, your best buddy might not make the best business partner. A personal relationship is not necessary in order to build a successful business together. It’s actually far more important to complement each other’s skills and share common values than being best friends.
Second, challenge each other from time to time. Having two different personalities is not always a bad thing. If you’re aware of those differences you can use those as an asset and make each other better in a respectful way.
Third, make sure your partner is 100 percent in. Both business partners should be equally invested in the success of the company. Shared passion allows entrepreneurs to get through difficult times without giving up on their common vision.
Fourth, value respect. Friendship is not necessarily hindering a business partnership, but mutual respect will allow partners to have tough conversations about possible disagreements and personal intentions.
Operating Agreements build a solid, legal foundation for business partnerships. Check out our unique 4-step process to create your Operating Agreement.