As a young entrepreneur dreaming of success, the last thing you’d have imagined was a business partner. The greats like Jobs, Gates and Zuckerberg never relied on anyone else. They had total control and built a small company into a pioneering brand. A partner? Pfft!
However, things don’t always go to plan and here you are interviewing candidates for the role. After everyone signs on the dotted line, they will have as much control over the company as you, which can lead to complications.
The business doesn’t deserve to be in the middle of an internal argument. So, underneath are four tricks to ensure the partnership runs smoothly.
Put It In Writing
The chances are that the new guy won’t accept a gentleman’s agreement. In his shoes, you wouldn’t either. A contract is part and parcel of crossing the T’s and dotting the I’s. The problem is that too many lower case letters are missed during the process. From your standpoint, this is a legal grey area and that is a vulnerable position in which to be. Www.hackardlaw.com/ can help as they have lawyers that specialize in partnership agreements. Tell them what both parties want and draw it up in a contract that is ironclad. Don’t leave anything to chance.
Pick Your Battles
People that are used to being in control never take too kindly to their power shrinking. So, when another person steps on your toes, there are bound to be fireworks. In many ways, this is the sign of a successful partnership because both parties should keep the other honest. Those that know they are in charge make decisions for their benefit and not the company’s. Still, arguing over every little detail gets counterproductive in the long-term. Rather than battle on a daily basis, save it for the things that are important. Learn to let go of the rest.
Choose Someone Different
One of the biggest mistakes is to choose a person who shares the same values. Some owners even go with a person who has the same skill set. Although it is nice to agree, it encourages a lack of focus. Again, there is no one in the office to say “no, this is wrong.” Therefore, a savvy move is to pick a person that is different in a variety of ways. Take their resume as an example. Opt for the man or woman who can fill in the gaps and take the business forward. That way, you can work separately without clashing.
Be Honest
Over time, you will grow to like and maybe even love the person. Don’t let this get in the way of doing the right thing. Being honest to avoid hurting another person’s feelings is commendable yet it puts the company at risk. The business needs the people in charge to lead the ship, and they can’t do that if they are pretending to play happy families. Never call each other out in public, but be brutally honest behind closed doors. Look for these signs listed by www.inc.com/ too.
Are you part of a partnership? What are your secrets?