Howdy Partner!

Taking on a business partner can be daunting, but for many it is a way to get further ahead in their business if they have hit a plateau.  If you decide to take on a partner their are a few things you can do in advance to ensure a smooth business relationship.

Recongnize strengths and weaknesses-

Plan your roles and responsibilities according to what you are good at.  If you are a numbers person, handle the numbers.  If your strengths lean towards sales & marketing, stick to that end of things.  One big red flag for me with partners is if we agree on everything.  I don't need another me, I need some contrarion advice to mull over.

Recognize the end-

You should always have long term goals in mind, and agree with how and when the partnership should end.  Failing to plan long term leaves wide open the oppurtunity for big problems down the road.

Have a plan for settling disputes-

While I like a contrarion view, sometimes middle ground can't be reached.  Whether it is a plan to bring in a professional and leave the decision to them or even flipping a coin, make sure you have a plan in place to settle the inevitable dispute.

Leave a comment for any tips on dealing with partners or and good/bad partnership experiences!