Creating Great Business Partnerships

Download or read book Forming a Successful Business Partnership written by Jacklyn Saunders and published by . This book was released on 2015-06-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Starting a company takes time, dedication, and perseverance. More often than not, new business owners underestimate their own workload, especially in terms of what it takes just to get their company up and running. It's easy to burn through time and money without even realizing it, all of which is happening when the stakes are high and you're under pressure as you try to ensure the company's success. Being an entrepreneur requires taking risks, as I'm sure you were aware when you signed up. And in this critical infant stage of your business, you know that if it doesn't work out, you may never recover from the loss of resources and self-esteem. This scenario is stressful and frustrating enough. Add a partner's expectations and differences of opinion, and it can have disastrous results. Now consider if that partner is a close friend or even a spouse. Don't get me wrong, I'm certainly not suggesting that you should go it alone. Having a business partner can be incredibly advantageous, since that means you're sharing risk, responsibility, and financial investments. Considering these types of assets, having a partner may even be the difference between being able to start a company vs. falling short of having the resources you'd need to even begin. However, with that said, there are certain aspects of the partnership arrangement that you need to think about, talk about with your partner, and formalize in writing - yes, even if they're your spouse. This book will lead you through the 9 specific components of business partnership that - for the sake of your company, your own personal finances, and your peace of mind - must be formalized in writing. It doesn't matter how well you (think you) know the person you are considering going into business with. The items covered in this book are absolutely crucial to the successful start and end of a partnership, and may well be just what helps protect the relationship you had together before starting the business. If you are considering starting a business with a partner, or if you are already in the process of doing so, then this book is a must-read!