COVER STORY
PARTNERSHIPS
HERE ARE FOUR TIPS FOR FORGING SUCCESSFUL PARTNERSHIPS:
PARTNERSHIPS are as powerful as multiplication and addition. When you find the right partner—whether in your business efforts or a life relationship—you can accomplish more than you would going it alone. As wonderful as partnerships can be, however, they can equally be as detrimental. After being involved in more than 100 companies in my career, I’ve had my fair share of amazing partnerships as well as partnerships that have been so bad they’ve nearly drained my soul and made me quit.
After years of partnerships with dozens of people, I can say that the thing that “will never happen” often does. It is not because either party is intentionally trying to hurt the other; rather, it is just differing opinions and unmet expectations that lead to it. GET WRITTEN AGREEMENTS Put all the contingencies in a contract. Once you have a list of things that could potentially go wrong, it is important to address them contractually. Whether it is in
COMMUNICATE Make sure to have the hard con- versations before they are needed. When you begin a partnership, it is easy to look at all the upside and ignore the potential dangers the partnership can bring. It is important for each partner to make a list of the ways the partnership can go wrong and then come together to discuss them.
18 | think realty magazine :: january – february 2023
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