Do you really want a business partner?

As our business develops, or as we start out our business, it may seem like having a business partner is a great idea. But what if it is not what you thought it would be?

As with any significant event or strategy for your business, you should consider both what is to gain, and how to minimize the disruption if the outcome is not positive.

If you are thinking of adding a business partner, or starting a business with a partner, consider these 5 keys to a successful partnership:

1. Establish common goals for the future of the business – Clarity is “gold”
2. Document the rights and responsibilities of the partners
3. Make sure the agreement covers sale or purchase of partnership interest and how that will be valued
4. Ensure you have a communication strategy between partners
5. Review and refine the goals and agreements regularly

If you follow these keys, not only will the likelihood of a rewarding partnership increase, but in the event that this does not turn out, formal documented agreements can make the partnership dissolution less costly and painful.

If you are considering a partnership, or an agreement for an existing business partnership, and would like more information, contact our office today.