| A business partnership demands the same care | | | | the business, and particularly ensure the business |
| and attention needed to nurture and grow a | | | | can meet all partners' financial, career and lifestyle |
| successful marriage. As with a marriage, you are | | | | requirements. |
| well advised to get to know who you're setting | | | | 4. Assume nothing - communicate often, honestly |
| up shop with before committing to the deal. | | | | and openly. |
| Partnerships are not appropriate for every | | | | 5. Before getting into business together, get to |
| business situation. The first rule of partnering - | | | | know potential partners well enough to know |
| don't partner unless there are good reasons to do | | | | whether you have compatible values. |
| so. A common misconception by newbies is that a | | | | 6. Research your potential partner's work and |
| partnership will lighten the workload and put them | | | | financial history to get familiar with her track |
| on easy street. Fact is, with more mouths to | | | | record. If a number of her previous engagements |
| feed you might have to work even harder to | | | | have ended in a cloud of law suits and conflict, |
| meet any increased financial obligations. | | | | you can be fairly certain that your planned |
| In spite of the risks, here are a few good | | | | partnership will too. |
| reasons why you might want to get into a | | | | 7. Negotiate and sign a partnership agreement - |
| partnership. | | | | use the services of a lawyer to do this. |
| * To share the workload | | | | 8. Prior to signing a partnership agreement, ensure |
| * To attract someone with skills or knowledge | | | | that you and any potential partners can |
| you don't already have | | | | effectively resolve conflicts. |
| * To bring more money to the table | | | | 9. Be sure to include a shotgun or exit clause in |
| * To handle a job or business that is too large for | | | | your partnership agreement. Breakup of a |
| you to manage alone | | | | partnership can cause disruption or even destroy |
| * To keep up with a rapidly growing business | | | | a business. A shotgun clause can provide a |
| * To keep a great person on your team by | | | | process for a partner to exit in a way that is fair |
| sharing responsibilities and profits | | | | to all parties. |
| Here are nine rules of the road to keep in mind | | | | In summary, respect your business and all those |
| when initiating any business partnership: | | | | involved by having a foolproof partnership |
| 1. Partner with people who have different skills | | | | agreement. Be honest and open with your |
| than you, and clarify your respective roles. | | | | partner, communicate often, keep your |
| 2. Define your business vision together and as you | | | | expectations realistic, and be loyal to each other. |
| grow, discuss and make any changes to that | | | | These things will go a long way toward building a |
| vision as a team. | | | | successful and profitable business partnership. |
| 3. Discuss your expectations of each other and | | | | |