Having a good relationship with your business partner will help you see opportunities, collaborate, and deal with problems together. Managing unforeseen circumstances in a necessary long-term partnership is inevitable. Do not rely on personal interests – especially if they are involved in decision-making and management.
All partnerships require effort on your part to properly select a business partner and maintain the relationship. But you also face difficult analytical, legal, and management duties. Such a critical approach can be seen as a bad manner in personal relationships, but not in the business world.
Here are some ways to make sure you choose the right business partner to work with in the future:
Combining personal relationships with business
Many family businesses or partnerships are successful among friends. The idea of starting a business with someone you know and trust may be quite appealing. However, money can change everything in personal relationships.
Any successful business partnership should be based on the strengths, talents, personality, and experience of future partners.
Ask yourself questions
How have partners treated you before? Do they have other options or can they develop them? Which factions of their organization can support you or go against you?
Carefully evaluate your partner’s actual resources and capabilities
Your assessment may include analysis by independent parties. Legal points rarely protect a partner because of the actions you think he or she has taken.
Many partnerships fail because they are not in line with the organization’s values and/or goals. As your business grows, so may your crash, which can lead to bad results.
Prospective partners should meet and agree on important factors before starting a business relationship:
- Why they want to become entrepreneurs
- What their vision is for the company
- Their long-term goals
Doing so will help you get to know your partner better, which in turn will allow you to negotiate and manage more productively. Eventually, serious business partners will appreciate your serious diligent work.
Also part of your planning should include strategies for leaving the partnership if any problems will hinder the success of the partnership.