7 Tips for a Successful Business Partnership by Marian Banker

Business partnerships are a little bit like marriages. A lot of them don't work out and some end badly! Give your small business partnership the best chance for success by following these tips.
Business partnerships take on a variety of forms. They may be a long term formal legal commitment or a simple short term venture to test a market concept. The same principles apply in all cases.
Use the following strategies for a partnership that starts strong and stays strong

1 - Start by creating a shared Vision & Mission

As in any business, it's critical for the partners to define the Vision and Mission of the venture as the very first step. If all brains aren't going in the same direction in the same way, problems are bound to arise. The motives for each partner can be different. The overall objectives and methods, however, need to be the same. Tom chose to partner with Dominic because each saw the market need for a commercial kitchen facility. Tom was a commercial contractor who had worked on restaurants and catering facilities. Dominic was Manager of a cooking school and well connected within the food preparation industry. Their agreed upon Vision was a 2,000 sq. ft. facility that would have 3 shifts of production, serve as a test kitchen for the cooking school and contract with other long term and project clients.

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