Small Business Start Up: Partnerships - The Good, Bad & Ugly
Filed in archive Startup by Greg Balanko-Dickson on April 27, 2007

If this is the first time you have considered a business partnership, remember, you do not know what you do not know. I thought I was different because my reasons were 'pure'. Hogwash!
Think about a partnership this way - it is like getting married -- in fact, you could end up spending more time with your business partner than your spouse! Plus if you want to end the partnership, it can be just as costly and difficult.
If more than fifty percent of marriages end up in divorce, why would a business partnership be any different?
All a partnership does is increase your risk. The only exception to that last statement is if you and your partner are experienced, seasoned business owners and have worked together successfully before. Otherwise you just magnify your risk of business failure. Here are some things you can do to reduce your risk.
Screening
a business partner and provide you with a fresh perspective.- Examine Your Intentions & Agenda
- Investigate Partners Background
- Examine The Personalities
- Examine Skills & Experience
- How To Protect Yourself with a Legal Agreement
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Mr Wong
