From Down Under, a piece from the Manly Daily (a reference to the location of the publication, not its masculinity) on business partnerships. Even across the globe, the same basic principles — and secrets to success apply:
- You won’t always agree. Where you can’t work it out, rely on trusted advisers like accountants or attorneys as sounding board and mediators
- Know your partner before agreeing to go into business together
- Make sure you’re aligned on vision and expectations
- It helps to have different areas of expertise, complementary skills and responsibilities
- A common feature of business partnership breakdowns is a lack of proper planning and partners failing to have the difficult conversations and address all “what ifs” at the outset
- The most important thing for anyone considering going into business with a partner was to seek legal advice and have a written partnership agreement drawn up.
