Is a partnership a sinking ship?

When two people decide to partner in a business, there are a few things to keep in mind from my experience.  Being involved with start-up entrepreneurs and SME’s for almost two decades, I have seen many partnerships come and go.  Most in ended in disaster.  I have also learned from a couple of mistakes in my almost 20 years as an entrepreneur.

 

A partnership is more than merely two people joining forces.  It’s a business relationship, and as with marriage, there are certain “rules.”  Out of my experiences and things I saw and learned from other’s, here are my few cents on this subject.

 

Some of the points might make you mad, sad or glad.  If I succeeded in anyone, I did my job.

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1.   

A business partner is nothing less than another relationship. Study or observe the way your partner handles his / her spouse.  It is the same that you can expect.  If he treats his wife with respect, he will do the same with you (and visa versa).

Hard facts, but true.

 

2.   

Both partners need to feel about and treat money (more or less) in the same way. If one partner’s idea of budgets and success is very different from the other, they are in trouble already.  

 

3.   

Where one partner sponsors the other, it always ends in disaster.  Both partners will end mad.  The one because he potentially lost a lot of capital invested and the other because the sponsored salary came to an end.  (Don’t laugh, it happens time after time) 

The above tends to happen not because either of them is terrible people, their perception of money is entirely different. 

 

We see the world not as it is, but as we are.

When you want to invest in such an opportunity, first consult a professional to make sure all bases are covered for both parties. 

 

4.   

The blessing is that you can find a perfect match in a business partner, and in finding one you can create massive movement in the marketplace.  I believe in a mix of different specialties that complement each other for a positive outcome.

The one partner can make up where the other one lack in skill.  Trust each other in their specialty and do not interfere with each other duties unless adequately discussed.

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Contact us for your monthly accounting and tax needs.

I have been in the industry for more than a decade, and I would love to assist you with your start-up or running business needs.

Feel free to send comments or questions to my inbox.

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