IS YOUR BUSINESS RELATIONSHIP DOOMED TO FAIL?
3 ‘FIRST DATE’ CONVERSATIONS FOR YOUR NEWBUSINESS PARTNER
ASK ABOUT KIDS When you start a business partnership, it’s pivotal to talk about how family impacts the daily lives of those you work with. Without an understanding of your partner’s household dynamic, you could run into communication issues that plague the development of your company. A foundational knowledge of priorities will also help all parties involved have a proper work-life balance. We work with the incorporation of businesses all the time and understand how necessary a good start is for any company. An estimated 55 percent of first marriages end in divorce, and 50 percent of businesses end within the first five years. Let us help you defy the business odds by setting up a corporation for you.
Let’s face it; relationships are complicated. They involve communication, sacrifice, empathy, and forgiveness to work. Even with this understanding, every relationship encounters roadblocks. Support structures such as counseling, books, and marital retreats are available to couples looking for solutions, but resources for business relationships are few and far between. That’s why we wanted to offer three tips to help you start your business connections off right. START WITH THE MONEY Business books often tell you to work on your commonalities and weaknesses in order to be better partners, but a business relationship is sometimes more volatile than a romantic one. When you add
money into the romantic equation, intentions often become uncertainties and trust becomes a casualty. You wouldn’t start your first date by asking someone about their financial goals or what your joint income might look like when you combine bank accounts, but that’s a great place to start with business partnerships. TALK ABOUT YOUR EVENTUAL BREAKUP Many partnerships eventually dissolve, and you need to have a plan for that. It’s not uncommon for both parties to get what they want out of a business deal and part ways, which is why you need to talk about your exit strategies for when you are ready for your next venture. Verbal contracts are common in these instances, but partnership agreements should be formalized with a lawyer to ensure there is no change of heart.
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