By Rick Barkley, MBMentors.org
In the early stages of building a business, you may want to consider a partner. Studies show two heads may be better than one. Businesses launched by partners have a better chance of taking off according to research. Studies show partners started more than 90 percent of America’s fastest growing companies.
Partners can share responsibilities and often bring different skills. Combining different skills can open more doors and help the business realize more opportunities.
But conflicts between partners can waste time and money, erode focus, cause emotional and financial pain and destroy businesses.
A few cautions to consider in a partnership:
If you think you are not partner material, don’t go that way.
If you do not need a partner do not get one.
Don’t be fooled into thinking legal agreements will keep you out of trouble with one another.
Try to answer questions and avoid vague boundaries and responsibilities with your potential partner. Define roles and responsibilities up front.
Get an agreement on how you will dissolve the partnership is needed.