There are some legendary partnerships: Lewis and Clark, Abbot and Costello, Lucy and Ethel, peanut butter and jelly or ham and swiss. Then there are the partnerships that never make the light of day. But when things go bad, we are reminded that divorce is NOT just for marriages. And break-ups are no less painful when they are with your business partner instead of a spouse. But like many marriages, business partnerships can simply run their course. The key to making the ending as painless as possible is to prepare for it when you are dating and falling in love!
Here are some thoughts (from experience) that can help ease the pain BEFORE the relationship goes south...
- Get prenup! - When you are dating everyone is on their best behavior. You just click on all cylinders. But you have to practice "safe" business and wear your protection. By writing out a partnership agreement everyone knows where they stand. It also allows you to provide for the unfortunate demise of the partnership ahead of time. Get it notarized! And if your potential partner doesn't want to put your agreement in writing, be afraid, be very afraid. That agreement protects the BOTH of you and should be a cornerstone in your relationship.
- Clearly define each partner's roles and responsibilities - When you select a partner you assume that everyone will do whatever it takes to get things done. But without clearly define roles and responsibilities you will almost certainly step on each other's toes during your "first dance".
- Write out your business plan - If you are trying to get from point A to point B you have two choices you can get there using the most direct route or you can drive around aimlessly wasting precious time and $3.29 a gallon gas. A Business plan will insure that you are both on the same page for how you will grow your business.
- Understand which love language each partner speaks - There is nothing more frustrating than being caught in a hold loop on the phone with recordings in a COMPLETELY foreign language. When in a partnership, it is imperative that you understand the way each of you communicates and learn to respect each other's differences.
- Have the periodic "date night" - Find what you have in common outside of work. Really get to understand the person you are spending your precious time with. Besides your love of what you do in business what else do you have in common? Understanding that will be crucial to surviving not only the down times but even worse the mundane.
- Learn to fight fair - Communicating with a business partner is an art. As tempting as it may be to use a particular situation as the opening to unload on everything that has been bothering you, don't do it. The longevity of the partnership could depend on your ability to have the tough conversations honestly and fairly without making it impossible to move forward when the conversation is over.
- In-laws come with the territory - As much as we love to believe we only marry our partner, we actually marry their entire family! Yep that means their drunk uncle Joe is now YOUR drunk uncle Joe. so you have to be prepared for dealing with their potential outside influences on your relationship. Not a welcome fact but a fact never the less so you have to be prepared to deal with it. Both of you have to be honest and crystal clear up front about how much involvement your spouses, kids and friends will have in your business. Once that is established make that a part of your agreement and WRITE IT DOWN!
- Seek help! - Respect the fact that you may need to get help when things get rocky. Consult a counselor (there are some very reputable business counselors out there) or even an arbitrator to act as a mediator to help you learn to understand each other an work through your issues better. Reaching out can mean the difference between celebrating a golden anniversary and getting an annulment.
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