When two or more people discuss working on a business venture together, it’s all too easy to focus on the basic business details. Some important parts of building a strong partnership can get lost in the conversation – and all the paperwork. The following factors might help clarify your thought process as you contemplate a new business venture.
#1. Build Trust – An Important Part of Building a Strong Partnership
Running a business with another person requires a great deal of trust. Each partner must be able to give up some authority to other partners. And when things go wrong, you have to back each other up.
#2. Remember that Respect Matters
As you work on building a strong partnership, it’s essential to choose people you can respect. The qualities and achievements you most admire about someone could make them an excellent business partner.
#3. Make Sure You Have Shared Vision and Values
A partnership that is divided at its very core is almost certainly a weak partnership. The constant push and pull between warring partners could cause problems with employees, customers, and each other.
#4. Work on Open Communication When Building a Strong Partnership
Ideally, all partners should be free to voice their ideas, visions, and goals. Fostering an atmosphere of free and open communication could enhance the partnership. Also, partners might occasionally surprise you with brilliant ideas or seriously constructive criticism.
#5. Strategic Planning and Strong Partnerships Go Hand-in-Hand.
This tip might seem to mirror #3 above. However, strategic planning is more the result of the vision and values you share with your partners. When building a strong partnership, this step allows for in-depth development of your company’s future.
#6. A Strong Partnership Agreement Puts It All Together
The partnership agreement that you signed at the inception of your collaboration serves as the backbone of your business. Provisions in this contract affect every part of your partnership. Always have your attorney draft or review the partnership agreement before you sign.
Advice from an Experienced Business Lawyer Helps When Building a Strong Partnership
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.