What should we look for in a successful partnership? I have spent much time helping people achieve their success by working on their business partnerships and setting them up correctly. After years of research and working with clients on partnerships, we have learned what common things to look for to make sure that a partnership is successful.
While this list is not exhaustive, here are six things you can look for in a business partnership to see whether it is going to be successful and to see whether the right foundation is in place:
#1. Common goals. Are all of the partners working for the same thing, the same place? Or are they headed in different directions? This simple step makes a big difference in whether the partnership is successful. If everybody is focused on the same dream, your chances of success are much greater.
#2. Respect. Do the partners respect each other? Do they respect each other’s decisions? Do they understand that there will be differences and they will need to work through them? Do they trust and believe in the other partner and their wants and needs and systems of doing things? Do they respect their past successes, and know that they will take the steps for future success?
#3. Cooperation. Do the partners work together? Are they moving the same direction? Are they making more happen? Are they working for each other, or are they working against each other?
#4. Communication. Are the partners keeping in touch? Are they explaining things to each other? Are they able to take the time and effort to work together for a coordinated effort?
#5. Compromise. Are the partners willing to compromise on some points and focus on the most valuable? Do they know that in a partnership, they are not going to get everything they want? Are they willing to give up some of the control?
#6. Understanding. Do the partners understand each other? Do they trust each other? Do they understand that partners will do things differently and still get to their common goals?
What has been your experience with forming a partnership? What do you think has made them successful? What do you think has added to the challenges? Add your thoughts to the comments below.
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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 Matteo Canessa.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.