How Finding a Business Partner is Akin to Finding a Spouse
Just like marriage, it takes time to find the right business partner. The terms “work husband/wife” are frequently used because marriage and business partnerships are extremely relatable. Maintaining those relationships involves ongoing attention, change, and reflection over time.
Here are a few top tips to consider before tying the business knot:
This is where long-term happiness comes into play. Of course, not everything has to align, but a majority of values and long-term goals should be similar in both personal and professional aspects. It’s imperative to take the time to find the right partner that can enable a company to grow, just as you would seek out a match to grow a relationship and or family with.
With so much at stake, a business relationship cannot exist without trust. Trust is the key to mutual respect and aids in strengthening the shared values of both partners.
Hope for the best, prepare for the worst. When things get rough, relationships are tested. Similar to vows or a prenuptial agreement, there should be legal documentation stating all details from the percentage of ownership, job roles all the way down to the exit strategy.
The worst thing someone can do is marry out of fear of being alone similarly entrepreneurs sometimes also have the tendency to do the same. They hastily rush into a partnership hoping to solve any problems or generate new growth immediately. Steer clear of settling in a partnership. Don’t Settle. Be Selective.
Business partnerships, like marriages, can take a turn for the worse regardless of best intentions and forethought. Emotions can escalate when the stakes are high, and things can become complicated quickly. Before choosing a partner, ensure that an outlined process or timeline is in place so that if the time comes to part ways and phase out a working relationship, you’re not ensnared in micro details or making emotional decisions as opposed to rational ones