Partners Should Set Parameters

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Partners Should Set Parameters

Encourager-In-Chief: November 8th, 2017

Keeping peace between co-owners.

If you ever thought about becoming a partner in a business, be aware that it is like entering into a marriage. It will be nearly as difficult to get out of as well.

Many years ago, I became a partner with two other people. The senior partner told me to come on board as an employee for the first year, but to think like an owner from day one. The funny thing was, he said he wasn’t doing it for his benefit. He was doing it for mine. It’s always wise to get a good idea of what you will be in for before you sign a lot of binding paperwork.

His advice was sound because, in a years’ time, you can learn many of the pitfalls that lie ahead.

It’s unlikely that you and your partner will continuously agree on everything. What I recommend is the two of you decide which parts of the business each of you will be responsible, then stick to your areas of expertise. If your focus is on sales, but you disagree with something in production, give your input to the production partner and allow him or her to address the issue.

In my own business, my wife handles much of the materials pertaining to seminar flyers, handouts, and Season Pass holders. The two of us don’t always agree on how something should look or read. However, I have learned that this is an area in which my wife is fully capable of making good decisions and rarely needs my input, involvement, or interference. While she always lets me see the final product before it goes out, she needs little direction in her area of expertise.

Conversely, she has no interest at all in sales. She is perfectly content to have me handle that side of the business.

If you’re going to be working closely with somebody who shares ownership in your business, take the time to divide up which areas each of you are best at, then trust your partner to take care of his or her responsibilities while you concentrate on mastering yours.

If two partners always agree, one of them is unnecessary. If two partners never agree, neither of them are necessary.
- Old adage

This excerpt is taken from my Survive and Thrive in Your Own Business seminar.

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