Small Business Start Up: Partnerships – The Good, Bad & Ugly
Other than the decision to go into business, doing it with another person is one of the most important and challenging decisions you will ever make. It can mean the difference between success and failure.
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
May 21st, 2007 at 2:05 am
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