How to Build a Strong Partnership
Some Useful Tips for Business Partners
Business partnerships, as a rule, have a tough time making it. When Mark and Linda of Ray Access first considered creating a formal partnership, we were warned by many:
- Be careful, it’s tough to really trust someone like that.
- Make sure you have exit strategies.
- Protect your ass(ets)!
The business landscape is littered with big busts where business partners bumped heads so often that their businesses ended up with irreparable concussions:
- News Tilt
- Cryptine Networks
- NASA and Lockheed Martin
- Quaker and Snapple
- Fashion Café
Never heard of these partnerships? No wonder, they failed for a variety of reasons. Partners need to learning these lessons before pledging fidelity.
Pick Your Partners Carefully
A business partnership is more like a marriage than a one-night stand. You expect more than just chemistry and instant gratification. You’ve got to know that your partner is in it for the long haul with you and won’t jump at the first sign of trouble.
Partners need to each bring invaluable contributions to the business, creating a paradigm that one person couldn’t recreate. Each partner needs to contribute to the success of the business; otherwise, resentments form, followed by mistrust, misunderstandings and dissolution.
Live Together First
Go through a year or more of working together before you even consider going legitimate. Over a long haul, you’ll encounter a vast number of situations where you can evaluate your partner’s ability to cope, decision-making skills and communication style. In a year, you’ll most likely have at least one disagreement; wait to see how that plays out before moving forward.
What you see is what you get. Don’t expect a business partner to change just because you are a good influence or you believe he will mature with some experience. Get into business with the person right in front of you, and you won’t set yourself up for disappointment.
Talk, Talk, Talk
Talk so much that you find you can finish each other’s sentences when you’re in front of clients. Get to know your partner, his thoughts, feelings, ideas and concerns so that you can work out solutions together. Just like in a solid marriage, communication is key to success.
You can’t be afraid to confront your partner or point out problems. When you trust that your partner is thinking only of what’s best for the company, maintains consistent respect for you and praises your efforts when appropriate, you can take a little criticism when needed.
Take Time Out
While successful business partners share many of the same goals and values (and usually share a common sense of humor), you need to have very separate lives. It’s best not to socialize too much with your business partner and muddy the professional waters.
It’s OK if you have different friends and different interests outside of work. It’s healthy actually to prefer to spend time with your family on the weekend instead of with your business partner. And though our spouses get along really well, it’s not required. (Although we will say that mutual support from the home front doesn’t hurt.)
And on that note, here’s a related tip. We’ve heard ugly stories of husband-and-wife business partnerships that turned sour. Few marriages can stand up to the pressures of a business relationship, so it may be best not to start down that path if you can help it. If you do enter into business with your spouse, pay extra attention to communication and trust issues that may arise.
Trust Is Earned
Earn your partner’s trust by doing what you say you’re going to do. Once you build trust, many sins can be forgiven. If you are with the right partner, little can come between you. With little effort and the right partner, you too could end up in a happy business relationship like these successful partners:
- Orville and Wilbur Wright
- Larry Page and Sergey Brin
- Coco Chanel and Pierre Wertheimer
- Steve Jobs and Steve Wozniak
- Bill Hewlett and David Packard
- Bill Gates and Paul Allen
- Ben Cohen and Jerry Greenfield
Maybe you’ll see Mark Bloom and Linda Ray on this list of successful partnerships someday. For now, we believe that we are successful after finishing up our first official year in business as a strong partnership. We’ve got each other’s backs and know it. We’ve had our differences and learned valuable lessons about compromise. We listen to each other and value the other’s opinions. We talk — and email — a lot. And through all that, we even like each other.
We’d love to hear about your partnership — what works or what didn’t work. Please email us at info at rayaccess.com or use our online contact form to send us your story. We’ll include responses in a future blog.
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