It can be said a partnership is a bit like a marriage.You must trust, respect, and have the commitment to work together for a common goal. It is also common to hear that a partnership will never last, which is true because we will either outlive the business or the business will outlive us. Here are some pointers on making a business partnership last:
Ten Ways to Make a Partnership Last
- Never insist on being right.
- Work with your partner; teamwork is the key.
- Start with rules and review documents when necessary.
- Don’t embarrass or criticize your partner in front of others.
- Be communicative, not confrontational.
- Recognize mistakes, but forgive and move on to new business.
- Embrace challenges and work together to resolve them.
- Share in the successes of the partnership.
- Don’t let outside distractions affect the goals of the partnership.
- Be positive, have fun, and applaud your partner’s efforts.Especially for partnership-based businesses, advisers are typically very helpful in uncovering areas that need to be researched, discussed and, if necessary, documented with agreements among the partners. Although partnerships are unique and very popular, there are also other business forms and structures that are discussed in the next chapter.
