31
Aug

Put it on paper…

Are you currently planning on going into [tag]business partnership[/tag] with someone? Then, read on. Sit with your potential business partner and decide what duties and responsibilities you will each have in the development, operation and growth of the business. You might best approach this by each making a list of your strengths and weaknesses.

In a perfect world your strengths will be her weaknesses and vice versa. However, you will find that there will be some strengths and weaknesses that you both share. In that case, break it down into likes and dislikes.

This process should not be done in haste. Be completely honest. For example, if you need to be home at a certain time each day, say that up front. If your friend can’t get to the office before 9 a.m., write that down as well. Don’t assume that because you are friends you understand each other enough to side step addressing all of the details, no matter how minor. One of the biggest breakdowns in partnerships of all types is lack of complete honesty and communication.

I once had an experience in a business venture I experimented with while in my final year in school. started with 3 other friends. In the beginning all was perfect. Everything that had to be done to develop and grow the business we did together. We even had the plans of registering our company when we eventually graduate from school. But events soon revealed otherwise. Today, only 2 of us eventually went ahead to form a company and not until we had everything on paper.

So, communicate in the most detailed way that you can do and what you will accept. Write down what you will each be responsible for and take your notes to a lawyer and have a [tag]partnership agreement[/tag] drawn up. Look it over again and make any necessary changes.

Once you are completely comfortable with your agreement move into your business and have fun!

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