Partnerships can be a great thing in a business. With the right partner, you can exponentially grow your business. You can complement it with skills you don’t have, or divvy up key responsibilities so one person can focus on a major aspect of the business (like marketing and sales) while another focuses on operations. You have one or more people there to not only watch your back but take the helm if necessary, potentially freeing you to enjoy a semi-normal life instead of constantly feeling like 100% of the weight of the world rests squarely on your shoulders.
On the other hand, getting into a bad partnership can be one of the worst entrepreneurial experiences. Like any bad relationship, it can go sour quickly or it could take months or years to unravel. But when it does, it can be depressing, demoralizing, threatening to your physical and emotional well-being as well as a huge financial strain.
In this episode of the Go For Launch podcast, I talk about critical steps to take before entering a partnership—to avoid business partnerships from hell. I go into detail about each in this episode.
1. Think very, very carefully before getting into a business partnership.
2. Bring in a business coach—before you officially join forces.
3. Establish good communications upfront.
4. Communicate with your spouse or significant other.
5. Conduct background checks on potential partners.
6. Agree to a trial period before doing anything official.
7. Pick a majority partner.
8. Avoid multiple partners.
9. Consider alternatives to partnership
10. Get a solid operating agreement.
11. Schedule regular partnership checkups.
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Photo credit: Startup Stock Photos
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Also published on Medium.