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Determine if
a partner will give your business a boost.
Partnerships can
be a nightmare or they can be prosperous to your business
venture. First, look at why you want a partner and clarify
the need. Is the partnership for financial success,
is it for support, or is it a family situation that
cannot be helped? If it is the latter, make sure you
get everything in writing. However, it is a good idea
to get everything in writing anyway!
Many business owners
gain partners for all of the wrong reasons. They take
these partnerships for granted...and then o-o-o-p-s!
I have talked with many owners that have partners, and
they wished they had written pre-nuptials because it
is very much like a marriage. Sometimes the marriage
goes sour and so does the business relationship.
Here are a few keys to
assist you in making the commitment or turning down the partnership:
- Clarify what you
want out of the relationship with your partner. Make sure
that your goals for the business are the same. If your goals
are not the same, you are already on the wrong track ---
you are headed for disaster.
- Write up a pre-nuptial
or a contract. This agreement should state the issues, goals,
financial arrangements, etc. It should detail who's who
in the business. Also consider issues such as who handles
finance or who handles management or is it jointly done.
Every aspect of running the business should be included
in this agreement.
- Hire a good attorney. Make sure that you hire this person immediately. Your lawyer
should assist in the preparing the agreement, as well as
give pro/cons on the finished product.
- Make sure you write
down and make clear how conflicts will be handled.
- Design job descriptions
for each partner...and get them signed and dated.
- Make sure each partner
will know what percentage each person owns with the business. Make sure ALL the finances are in order.
- Be flexible.
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