So are you ready for business partnership?

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business-partner

Like a love team in cinemas and television, business partnership involves effort to make it work for the success of your company.  It’s better than sole proprietorship because there are two people who work hand and hand for the business’s success. Besides, during tough times they rely to each other to solve their enterprise’s concern. But of course as they always say there’s no perfect relationship and what stakes in business partnership is your relationship and investment.  What are you going to do then to avoid conflict between you and your partner?

“Even if it’s on a napkin, writing something down focuses attention on issues that must be discussed and crystallizes the relationship,” Los Angeles business lawyer C. Dickinson Hill, via Businessweek, shared about common issue between business partners. “Perfect foresight is rare, but everybody should recognize the need to address compensation issues upfront. If the partnership is to last, you should be able to discuss issues as they arise and each should be willing to do what is needed to keep the other partner involved. If not, perhaps this is not a good fit.”

In running a company everything should be in blueprint so it’s clear for both parties what are their specific powers, responsibilities, goals for business and other agenda. Closeness and regular bonding may not always guarantees to prevent financial agreements especially if each of you grows trust issues.   Citing your perspectives about money management or marketing strategy help both of you to make necessary arrangement.

On the other hand, one strong sign that you are not compatible to each other is if you often disagree. Take note that disagreements in the long run hamper your company’s work flow, prosperity and longevity. It will also manifest in how you serve your customers too. Another concern is your work ethics like what if one of you works like a horse, while the other one is slow mover like a turtle.

“Each partner should regularly assess the risks and rewards associated with their business [.] to make sure they are in check,” Steven Thayer, an attorney with Handler Thayer LLP in Chicago, said in his interview with Entrepreneur.

There are also cases that it’s safe to ask third party to neutralize biases in business partnership. According to American company BMC Associates, meditation helps business partners to create solutions and control the outcome of their works.

“Mediation keeps the focus squarely on the present and future; it does not dwell on who did what to whom in the past. By overtly diminishing antagonism, mediators assist partners in collaborating with each other and in repairing or strengthening relationships even if the eventual outcome entails someone leaving the business. Finally, much like the therapy process, mediation works best when it offers the partners privacy guarantees so that important and crucial relations with creditors, suppliers, customers, and employees are maintained,” BMC explained.

Definitely business partnership has both advantages and disadvantages. Therefore it’s wise to choose your partner not according to your closeness, but because of you have both drive and enthusiasm to do successful business.  If you find that someone who has same business style as yours, go collaborate with him or her.