Updated: Apr 3, 2021
Partnership can be VERY tricky. And rewarding.
Imagine a marriage where you work through complex business challenges with your spouse. For that to be successful, there are critical considerations to work through BEFORE getting "married".
Working Relationship – How do each of you operate under stress? How will you resolve conflict or uncertainty? Don’t just evaluate the other person, consider how they evoke the best version of yourself.*
Insights – What are your partner’s motivations, triggers, desired outcomes, priorities, and weaknesses? Openly explore how you both handle stress, disappointment, and frustration. This helps prevent unnecessary escalation.
Intentional Design – Collaborate on the company’s vision, values, path to success, and how to handle problems. In times of stress and emotion, these agreements can redirect towards resolution.
Roles - How will each partner contribute to growth? Assign value in terms of revenue share. Know everyone’s responsibilities. If there are holes, determine how to fill them (hire, consultants, advisors).
Set recurring meetings to regularly and openly address tactical execution as well as more strategic areas of the business.
Like anything of value, partnerships require investment and commitment.