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What does it take to make a partnership work?

Many different factors make up a business relationship. Partners must have similar skills, the ability to communicate and a common business goal to have a chance at success. Even with these things in play, the partnership may not work.

If you decided to go into business with a partner, the chances are good that the partnership started as a friendship. You and your partner likely had mutual interests and a certain degree of respect for each other as business associates. When it works well, your business may thrive. When it isn't working, you and your partner may make each other miserable.

Partnership for success

Having a business relationship is a lot like marriage, and it isn't something you can jump into quickly. You certainly want to work with someone who will help you make the business profitable, but also who will be relatively easy to get along with, even when you disagree.

Here are some things advisors recommend to maximize the success potential of your partnership:

  • Choose a partner whose strengths compensate for your weaknesses.
  • Pick a partner who has something to offer and to whom you can provide some benefit.
  • Meet with an attorney to draft a partnership agreement.
  • Discuss your expectations with your partner and revisit them frequently.
  • Recognize when the partnership has run its course.

Business advisors recommend constant communication as the pillar of success. Knowing that you are on the same page as your partner and that you each know what the other is doing helps avoid unpleasant surprises that can strain a partnership.

Takin' care of business

Whether your business relationship developed from a lifelong friendship, or you sought your partner through acquaintances in your industry, working well together is the key to resolving any issues that arise in your business. If you and your partner are not communicating well, or if there has been a breach of trust between you, you may be trying to discern the best step to take for the sake of your business.

Your partnership may be salvageable, and after speaking with a business attorney, you may find more options open to you than you realized. Your attorney can guide you in dispute resolution and help you determine a more productive way to work with your partner. However, if the dispute can only be resolved through litigation, your attorney will assist you every step of the way.

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Chodos & Associates
1880 Century Park East
Suite 615
Los Angeles, CA 90067

Toll Free: 866-986-7255
Phone: 310-598-3405
Fax: 310-203-3866
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