Before you start working with someone, keep these tips in mind so you can find someone who shares your vision and goals.
The opinions of the employees of s You are personal.
No man is an island, not even an entrepreneur without fear. Even the smartest business owner needs help and sometimes one partner It can really help you build your business.
When I started my business almost thirty years ago, I didn’t do it alone. My partner Mark has been my best friend since elementary school. We decided to start together before we knew what kind of company we would have.
We rely on a recruitment network. It took a lot of faith and endurance, but we finally started. Our partnership lasted eight years and the company has been very successful to this day.
If you want to start a business with a partner, here are my tips to make it work.
Choose it carefully. Find someone who complements you. If you are familiar with operations, look for someone to do the marketing. So you can concentrate on your strengths and enjoy what you do. Mark and I complemented each other as partners. He programmed better and I was very good at selling. He wasn’t afraid to make cold decisions to help our business, and he never wanted to do that. We were a good couple, so everything worked.
Protect important relationships. Before partnering with a friend or partner, ask yourself if it is worth jeopardizing your relationship if something goes wrong. When doing business with friends, maintaining professionalism can be difficult and you could end up ignoring all of society’s agreements. If you are a partner of your partner, your marriage is at stake. If you choose this path, you set the boundaries between home and work, define the respective roles and have a good sense of humor.
Have a good conversation All parties should have serious discussions prior to the partnership. Talk to see if you share the same thing Vision and goals. Do you have a similar work ethic? How is the workload distributed? How much can everyone invest? How will you end society if it doesn’t work?
Get to know the different types of partners. Do you think there is only one type of society? You are wrong. In a partnership, everyone shares the same gains and losses unless you are treated differently. In a limited partnership, one party acts as a personally liable partner and the other as a silent partner. Your lawyer can help you decide which type of partnership is best in each situation.
Make it legal. You may think that a handshake is enough, but not, especially if there are disagreements or a party wants to get out. If I had to change anything about my partnership with Mark, it would have made us do good business. In the end, it turned out to be the most difficult to find a way to evaluate the company. I recommend you to discover the formula beforehand.
When you meet with your lawyer, make sure that the partnership agreement says:
– How and how often each person is compensated.
– The roles and responsibilities of each individual.
– Your exit strategy if one or more parties want to exit.
– What would happen if one of you died?
Review the contract from time to time. When your business changes, your role changes. You may want to invite more people or change the terms at some point. It’s a good idea to look at the points again and make sure everything is up to date.
A partnership can be a great way to start a business. With good planning, the right personality and a good sense of humor, partnership can bring you great success.