WHY A PARTNERSHIP AGREEMENT MAY BE IN YOUR BEST INTEREST

WHY ARE PARTNERSHIPS BENEFICIAL?

Two heads are better than one. That famous quote plays out quite well in the corporate world and is extremely relevant to the power of strong partnership agreements. Having a strategic partnership can help your corporate structure expand, especially with someone who knows more about certain areas of business that you are not as familiar with.

HOW TO PICK THE BEST PARTNER FOR YOUR BUSINESS?

Do opposites attract? Sometimes, yes, but being forthcoming about the attributes you’re seeking and the ones you want to avoid in the beginning would be the best way to smooth out any bumps in the long run.

HINT: Maintaining a strong business model and business mission will be the core values that both parties should seek to mesh.

STOP MICROMANAGING – START TRUSTING YOUR GUT:

When developing a corporate structure, owners sometimes forget about giving up control and allowing for needed delegation. Using a deliberate delegation technique like a partnership can be a great balancing act that can result in a boost of revenue if done correctly.

Overall, a great measure to gauge your potential partnership is to see how passionate each person is about the value of your company and market, and seeing what you can both contribute openly. If it feels natural, realistic, and complimentary, that is a good starting point.

HINT: If it feels ‘off’, always listen since your body has a way of knowing what is beneficial for you and what is dangerous. Partnerships are a commitment, so make sure it feels right.

THE PROS AND THE CONS OF PARTNERSHIPS:

The pros of a partnership agreement can include a dualistic look at issues that arise, better problem solving skills, adaptability to large issues, and more exposure since you both have your own network of contacts.

Although the social and creative aspects are greatly enhanced, there is a legal liability for both parties which makes each responsible for the financial obligations of the other. Be sure to take full action to safe guard what you put into the business up until the partnership began and speak openly about ‘what if’s’ and worst case scenarios; if that is taboo, the partnership agreement may be a flop.

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