Here are some compelling reasons to hook up with a partner:
- Sharing burdens and responsibilities.
- Tapping into additional skills and expertise.
- Increasing brainpower and creativity.
- Taking solace in companionship on the sometimes lonely, bumpy road of entrepreneurship.
- Reducing costs and improving product quality.
Action Steps
The best contacts and resources to help you get it done
Choose thy partner well
Use vigilance when hitching up. Don't just settle for someone you meet while networking. Take time. Date. Test your potential partner by setting deadlines or meeting a challenge. Optimally, he or she should also bring a skill set that you covet. Perform due diligence by asking friends and colleagues about a partner's strengths and weaknesses.I recommend: BusinessPartners.com connects entrepreneurs who are looking for partners.
Clarify visions and objectives
By putting goals and expectations on paper, they're made visible. Also, have a clear vision of what is to be accomplished, encourage open communication, and build mutual accountability into your schedules. They're all necessary ingredients for long-lasting business unions.I recommend: Find information on how to clarify partnerships at Business Owner's Toolkit.
Define roles as clearly as possible
Winning relationships depend on maximizing the skills of each partner. One may have deep marketing skills; another may excel at strategizing. Put these strengths down in writing to create a clear division of responsibility.I recommend: A partnership agreement is the business equivalent of a pre-nup. It can spell out duties and serve as a legal document. Learn how to put together an agreement with The Partnership Book: How to Write a Partnership Agreement at Nolo.com.
Hammer out an exit strategy early on
It may sound counterintuitive, but exploring exit strategies at the outset is a sound business strategy. Eventually, one partner usually buys the other out. So having a buy-sell agreement already on hand helps avoid nasty court battles.I recommend: A non-profit Web site on entrepreneurship called eVenturing has a good collection of buy-sell agreement advice, including real-business examples of how they work. At eVenturing.org, enter "buy-sell agreements" in the search tool.
Monitor the partnership regularly
Managing a partnership wisely is crucial. That's why experts recommend having monthly meetings where partners can be accountable, discuss problems honestly and evaluate their partnership according to benchmarks. Then, talk about ways to improve the partnership. Celebrate small successes.I recommend: Partnerships have up and down life cycles that can be graphed like a matrix. For more information, search for "partnership life cycle" at PragmaticMarketing.com.
Tips & Tactics
Helpful advice for making the most of this Guide
- Agree to disagree. If one partner doesn't agree on a deal, then don't do it. This requires trust and respect for each partner.
- If you aren't a team player, don't attempt business partnerships.
- Like marriage, business partnership must be nurtured with skill and understanding.
- Don't go the 50-50 split route when divvying up equity. You'll be deadlocked when making a decision. Try 49-51 instead.
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