Thinking Of Joining Forces With A Partner?

You might want to give it some thought and make sure you’re 100% certain this is the right partner for you.

If you force a partnership or have to try to convince someone to join forces with you, you’re looking for trouble.

Just like you’ve got to be really certain before you propose marriage, you’ve also got take just as much care in choosing a business partner. You could be together for years or even decades. And things can go wrong. They can try to steal the business from you, or sue you, or make poor decisions that ruin the business.

Even someone you trust now and think of as a friend can do the most unthinkable things if they suddenly find themselves strapped for cash. Make no mistake, plenty of partnerships have gone sour because one of the partners chose money over their partner.

When forming a partnership, be crystal clear on the roles of each person. Decide now what will happen as the business grows. Have clear expectations and put them down on paper.

Don’t start a partnership without an operating agreement that clearly states how one partner can leave the partnership and what that entails. If one of the partners wants to get out, there should be a way for them to do that without causing problems.