Howdy, Partner!

By Nina Kaufman, Esq.

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.

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