Thinking of starting a business partnership? Great idea! But let’s be real—partnerships can be tricky. Like any relationship, they require trust, communication, and a solid foundation. Reed Atamian , a strong advocate for smart business practices, emphasizes that getting it right from the start can save you headaches down the road. Let’s explore the dos and don’ts of successful partnerships.
Do: Choose The Right Partner
First and foremost, pick someone who complements your skills. If you’re great at sales, find a partner who’s a whiz with numbers. Look for shared values, too. You want someone who shares your vision and work ethic. Compatibility is key—you don’t have to agree on everything, but you should be able to resolve differences respectfully.
Don’t: Skip The Legal Stuff
Sure, you trust your partner, but business is business. Draft a partnership agreement that outlines roles, responsibilities, profit sharing, and what happens if one of you wants out. It might feel awkward, but as Reed Atamian advises, it’s better to be safe than sorry. This step can protect your partnership—and your friendship.
Do: Communicate Openly
Think of communication as the glue that holds your partnership together. Regular check-ins, honest feedback, and clear expectations can prevent misunderstandings. Talk about challenges before they become problems, and celebrate wins together.
Don’t: Ignore Conflict
Disagreements are normal, but sweeping them under the rug isn’t a solution. Address conflicts head-on and find a middle ground. Remember, the goal is to strengthen your partnership, not “win” the argument.
Do: Share The Load
A good partnership is about teamwork. Divide tasks based on strengths and ensure both of you are contributing equally. If one partner feels overburdened, resentment can build quickly.
Build A Strong Foundation
A business partnership can be incredibly rewarding when done right. By following these dos and don’ts—and taking a page from Reed Atamian playbook on clear communication and preparation—you’ll set yourself up for success. So, choose wisely, stay transparent, and build a partnership that lasts!