Thoughts on a partnership

Partnerships of any type, like most things, come with pros and cons.

Some wedding ceremonies are sealed with a “Till death do us part” clause.

In business however, there’s no such clause. So how do you know you and your partner will make it through?

The benefits

Let’s begin with why would anyone want a business partner in the first place? The benefits are self-evident. Having a partner brings many benefits such as:

  • Finally! Someone you can share the workload with
  • You’ll have someone to bounce ideas off of
  • You’ll have someone who’ll see what you can’t at the moment
  • You’ll learn from each other
  • You’ll inspire each other
  • You’ll have (hopefully) a life-long friend
  • A partnership is the least expensive co-owned company structure
  • You’ll have complimentary skills, and ideas
  • Shared liability

The cons

Some of the disadvantages can be painful for some, but open communication make some of the disadvantages barely noticeable. The are:

  • You’ve got to share the profits
  • You don’t get to call the shots all the time
  • You’ve got to compromise
  • You’ll have disagreements

Disagreements are not only the most common, but usually the most painful disadvantages of a partnership. There are times you and your partner(s) will simply have different opinions, but worst, no easy way to communicate such differences.

You think you might have communicated your goals, your method to a partner, to then find out later you didn’t explain well enough, and a disagreement arises.

What’s a partner to do then? Simple. Talk it out.

And that’s the beauty of a partnership. You can talk things out, whether comfortably or uncomfortably, the challenge is usually, to open up the conversation.

2 Comments

  1. Victor, December 5, 2011:

    Ditto!

  2. Phil, December 5, 2011:

    I eat cons for breakfast.

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