1. Choose your partner carefully
Just as you shouldn't marry someone you don't know, it's important to know who you want to do business with. In other words: meet before you marry.
How can you do this? Do a few jobs together before getting down to business. See how you work together. Do you flow smoothly, or do you bang your head? Do you like working together? It's also a good idea to do a background check to find out who you're dealing with.
2. Get an entrepreneur prenup
Even if you trust your new partner implicitly, it's always a good idea to hire an attorney to draft a partnership agreement. Make sure it explains how money will be managed and when net profits will be shared, as well as how personnel decisions will be made, and define each of your roles and responsibilities. Be sure to cover issues related to departures, purchases, deaths, and divorces.
Money can ruin a good relationship. Develop clear policies for how funds are used, including vendor payments, refunds, deductions, etc. Having this document can help you if things go wrong and you need legal proof of your original contract. If you agree to change the partnership agreement, document the change in a legal document.
3. Keep the business
Unless you are married to your business partner, your relationship will be better if you focus on the business and save your money. Don't make decisions based on your emotions and take the opinion of your partner. Schedule a meeting to review your accounts together regularly. Be open and clear with communication.
4. Don't be a credit hog
There is no "I" in one. Successful relationships can be ruined when one partner wants to take credit for everything. If your partner has a great idea, give them a pat on the back and make sure credit is given where it's due. He wants to work together to make the dream come true. If one of you dominates the relationship, the business relationship will not last.
5. Value good relationships
If you have a good partner in a successful business, celebrate it. In this way, both will be successful. Make sure you make decisions in the best interest of the company and not in your own interest. As with any relationship, it will take time and effort on your part to develop trust and maintain balance in the partnership. Understand the benefits of this relationship and agree on the benefits of the relationship. Remember: it's not just your business anymore. You share it with someone else, and everything you do will reflect that.
