Business Partners: Tools to Make Decisions That Grow Your Business Together
By Dr. Jan Hoistad
In the beating heart of every entrepreneur, business owner, and business partner, is a desire to move with ease and speed, to be one step ahead of the curve, to have a partner and team working smoothly in the flow, laser-focused on achieving mutual goals and agreed upon outcomes, driven to succeed.
A business is fertile ground for partnering with one or more people, often with complimentary skills, energy and enthusiasm, sometimes investing money, bringing connections or a book of business.
Like many relationships, business partnerships are sometimes humorously referred to as a working marriage. Both are “working relationships.” Humor highlights the complexity such close relationships bring. And like the long-term commitment of a personal relationship, the spirit that brings people together in business also requires interpersonal skill and attention to make the business and the relationship successful over the long-haul.
Yet, while business partners enter into their legal and working relationship with positive expectations, even enthusiasm, statistics show that anywhere between 50% to 70% of business partnerships ultimately fail. How do you inoculate yourself against such a demise?
This article introduces an approach to navigating an important business relationship that should be a great asset to you and your business. It offers insight into the mindset, skills, and tools to work as Big Picture Partners™.
This style of relating in your business provides you the communication tools and processes so you arrive at mutually satisfying solutions to your business needs—so you enjoy the process of owning, growing, and even transitioning or even selling your business together.