From the book "Six Steps to Small Business Success"
Many of the most profitable small businesses have more than one owner. This allows each owner to excel in an area that they like and are very good at (sales, marketing, operations, finance).
The following are a few pointers on how to have a profitable partnership from the book "Six Steps to Small Business Success"
1. Always pick a partner that has the same level of integrity that you have.
2. Try to have a partner who has complementary skills to you. This synergy will allow a greater impact on the success.
3. Always make sure all partners have "Skin in the Game" a financial risk.
4. Make sure all partners are willing to work the same number of hours per week.
5. Put partnership rules in writing ahead of time.
6. Never embarrass or criticize your partner in front of others, teamwork is key.
7. Be communicative not confrontational.
8. Recognize mistakes, but forgive and move on to new business.
9. Never let outside distractions affect the goals of the partnership.
10. Be positive, strive for teamwork and share in the successes.
11. Sometimes a partnership can benefit greatly by having an independent outside advisor assisting in disputes, goals and problems.
We will continue to write about these concepts in future issues. Please call us anytime with questions and feel free to pass this along to a friend.
The book "Six Steps to Small Business Success" Co-Authored by R. Sean Manning CPA is available on Amazon.com or by scheduling an introductory meeting.