There are many benefits to having a partner in business, but maintaining a successful partnership requires continuous effort. Choosing a partner who shares your values and vision is just the beginning. You and your partner will need to work together to maintain a healthy and productive partnership. Here are three tips to help your business partnership thrive.
Clearly define your roles.
For a partnership to function efficiently, it is crucial to establish a clear division of responsibility. Identify each partner’s strengths and weaknesses to help define your roles within the company. For example, give the partner who is more adept at managing budgets and taxes responsibility for those areas. Put each partner’s authority and responsibilities in writing to ensure clarity and avoid future conflicts.
Communication is key.
An open dialogue is an important element of any relationship, and business partnerships are no exception. All partners should feel comfortable voicing their opinions and concerns. Differing viewpoints can be beneficial, but can also lead to disputes, so it is important to keep disagreements respectful and constructive. The absence of transparency and communication can easily lead to distrust and legal disputes. Keep the lines of communication open by establishing a daily or weekly check-in. Such regular communication can prevent major conflicts among the partners.
Work as a united front.
As business partners, you and your partner should be working toward a common goal and ultimately should share the same vision for the company. Even when goals are shared, differences in opinion may arise in regard to how that goal will be achieved. Those differences are normal, and can even be constructive, but they should remain private. Not only can power plays and public bickering create a hostile working environment, they can also lead to legal disputes. To maintain the confidence and support of clients, colleagues, and each other, you and your partner need to present yourselves as a united front.
As with any important long-term relationship, a successful business partnership is an ongoing work in progress. Maintaining a healthy and productive relationship is imperative to the success of your business and to avoid business disputes.
If you are considering entering into a business partnership, or if you have already formed a partnership and fear that a dispute may arise, consult with an attorney that has expertise in partnerships. The attorneys at Gaslowitz Frankel have been helping their clients resolve business disputes for more than 30 years. Call for a free consultation today.
