How to Make Your Partnership Successful
When you are starting a new business, it can be extremely beneficial to have a partner or co-founder. Sharing the responsibilities, decision-making, and everything else that goes into a new venture can help ensure your success. However, it is critical that you and your co-founder address several issues upfront in order to avoid disputes and putting your business in jeopardy.
Some of the most successful partnerships involve individuals with differing skill sets and capabilities. Partnering with somebody that is not like you allows your business to take advantage of differing viewpoints, ideas, and thought processes. It is important for the partners to communicate and confirm that their approaches are complimentary, but variety in approach can lead to great results.
It is necessary that you and your co-founder trust each other and communicate well. It is important that you each trust the other to make wise decisions for the business on a daily basis. It is equally important that you discuss what tasks each of you are handling to ensure your company is operating as efficiently as possible. While you don’t want to be looking over each other’s shoulders, you should have a broad understanding of what is going on, which requires good communication.
Co-founders must set clear goals and put in writing a strategy for how you will accomplish those goals. Make sure you set reasonable expectations regarding each partner’s time, obligations and any financial commitments.
Having a co-founder in your start-up company is advantageous if it is handled correctly. Don’t make the mistake in believing you are friends and will be able to work through any issues that come up. Protect your relationship and your business with written agreements.
Let us help answer your questions and provide you with the advice and guidance you need. Nielsen Law Group has offices in Chandler, Tempe, Gilbert, AZ and Redlands, CA. Our attorneys and professional staff combine their in-depth knowledge of the law with practical and efficient strategies to determine the most effective approach to each client’s unique situation. Contact us today.