Choosing the right business partner is as important as choosing the right person to marry. We all are aware of the high divorce rate in marriage. At a 70% breakup rate it is even higher between business partners.
In both cases, divorce or breakup might have been avoided if more care had been taken to choose the right partner. In many cases, however, it is not true that the wrong partner was chosen, but rather the that partners didn’t know how to build and maintain a successful relationship.
The relationship requires getting to know each other beyond being excited about the same business idea and having complementary skills.
There is much more to it. A business that runs well and is successful requires an ongoing never ending conversation from the outset between the partners. They need to be judicious about keeping to a weekly meeting schedule for the purpose of evaluating how things are working, addressing whatever changes, if any, need to be made as well as their relationship issues.
If you have vetted each other in terms of shared values, trustworthiness, personality, likability, work style, long term vision for the business and find that you are compatible in those crucial areas, you will have the basis to build the foundation for a successful business. It’s not required that you have the same work style, for example, or even the same long term vision. It means that you talk about these differences while getting to know each other and find solutions to work them out and bridge the gaps.
Not everything can be worked out, but better to know beforehand when you still can shake hands and walk away without having to face the pain of a downward spiral everyday until you ultimately break up and end the misery.
As you get to know each other and make progress in discovering that you share the important elements, mainly values, then your respect for each other and trust should grow. The relationship between the partners will effect everyone related to the business.
If you haven’t yet received my Free Report on Business Partnerships and Joint Ventures, just scroll to the top of the page to sign up.
Wishing you the success you desire,