May I have this dance? Some people might ask that question only on the dance floor and never in business, but not me. Some people insist business partnerships can’t succeed, but not me. Me? I’ve worked with business partners for many years, so I know a partnership can be an out-of-sync step-on-my-toes mess or, after practice and more practice, a flawless Ginger Rogers and Fred Astaire number.
With the wrong partner, I’ve seen businesses destroyed. I’ve seen disputes take businesses to the ground and all economic value destroyed. I’ve seen partners fight for years over assets and what’s good and what’s bad for business.
With the right partner, I’ve seen businesses thrive and create economic value. Some of my clients say their success has been possible only because they worked in step with partners whose skills and efforts complemented theirs. Great businesses have been built on partnerships.
Many times partnerships let us do more than we could alone. Think of the many 21st century success stories we admire that were founded by partnerships. Google, Microsoft and Apple may lead the list, but it’s a long list. So we know partnerships work. They simply have to be done correctly and be built from the ground up. In prior blogs we’ve explored some of the things that make partnerships successful. (http://www.mcbrideforbusiness.com/blog/picking-your-business-partner-three-critical-things-to-think-about/)
Partnerships aren’t for dancing only. Partnerships can be used very powerfully in many contexts where we can use the help and expertise of somebody else. Use them wisely. Choose carefully. Then dance.
What’s your experience with partnerships? When did you use one? What have you done to protect yourself? I hope you don’t believe partnerships are only for the dance floor. Join us in the comments below and let us know your thoughts and experiences.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion, and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer John Boyer.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com/3laws), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at email@example.com or (214) 418-0258.
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