Because I deal with partnerships all the time, people will bring me their partnership stories and analogies. They tell me what they think about partnerships, what their opinions are on partnerships, and what their theories and postulates are on partnerships. I have come to believe that a partnership is a contract, a lot like a marriage. It is a business marriage. You are getting together with somebody to have a common purpose. In a regular marriage, you are contracting to share lives, to have social times together, to do something bigger than yourselves. In a partnership marriage, the goal is to join together to have an economic synergy, to accomplish business objectives, and to do things together. Like a marriage, you are working together. You are bound to each other. You do not know what the future is, yet you have made a commitment to do this together, themes that are very similar to a marriage.
There are also challenges in a partnership–much like a marriage. How do you accomplish these things together? How do you deal with adversity or with real problems that might crop up along the way? Of course, you do not have some of the benefits you typically do with a marriage, such as the social benefits and the personal benefits. A partnership is all business, all the time.
Build your partnership correctly. Have the right people involved and the right philosophy. Make sure you are working as a team, and make sure the economic rewards and the cooperation are good so that it makes sense for you to continue to be together. Unlike a marriage with that social tie and bond, a partnership does not have that. Know that partnerships can change and evolve. People can and will come and go from partnerships, so make sure that you are working well as a team, and that you have strong communication and strong reasons to work together.
How are you making your partnership work together? How are you making sure you succeed? Join us in the comments below and let us know.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer John Frenzel.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.