Business Partnerships are Notoriously Bad

Now I am not going to generalise and say that all business partnerships are bad, there are some really successful ones too. This blog however will give you a few things to think about if you are considering a business partnership of any sort.

A business partnership can break down like a messy and expensive divorce. It can be bitter, nasty, expensive, cause stress; lawsuits and a whole lot more.

But…

When you are setting up a business you are not thinking about how will end and if you are considering a partnership often only the positive thoughts are there.

Best friends are notorious for doing this to each other and ruining their friendship over the business partnership. What seemed like such a good idea at the start falls into such a state of disrepair that the friendship cannot be salvaged at the end.

You can however do several things in the planning stages to make some things a little smoother if things go bad.

Speak to a business adviser

A business adviser will help you to look at areas that perhaps you haven’t though of. They will give you questions to help you identify the real reasons you want this partnership. A little devils advocate play to ensure you are making decisions for the right reason.

Speak to a lawyer

You need to create a partnership agreement, which covers all the scenarios both good and bad and how you will deal with them as or if they come up.

Speak to an accountant

Your accountant will ensure that you have the structure of the business set up correctly based on your individual circumstances.

In finishing partnerships are never easy, if they are going to work you need to ensure that your planning is the best it can be before you get started.

Take the steps required and really deeply consider why you need to be in a partnership in the first place as it may be easier to just do it by yourself.

Tell me in the comments about your experiences or thoughts on business partnerships.

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