Pick your partners for the long haul. Each partner needs to make a continuing, valuable contribution to the business.
Bethesda, MD (PRWEB) November 21, 2013
A company with a good product or service – even a great one – can rarely overcome business partners at war. You could even have that proverbial business with the “better mousetrap.” But if you and your partners are slashing at each others’ throats, your business is likely a goner. In his latest Huffington Post article, attorney and author Jack Garson reports that running a business with the right ownership team is critical to your long-term success. And teaming up with the wrong partner is an invitation to disaster.
First and foremost, Garson advises, pick your partners for the long haul. Each partner needs to make a continuing, valuable contribution to the business. Otherwise, resentment builds up between those who are carrying their weight and others who aren’t.
Other tips include:
Don’t partner with someone who makes a poor impression because you expect them to change. Garson says 99 out of 100 people never really change, and the 100th person probably won’t either.
Get to know your partner. If you don’t, lies may be told and trust may be shattered.
Ensure you and your partner share goals. If one partner wants to expand rapidly and the other wants to take it slow, that’s a compromise that needs to be reached before any agreements are signed, not after.
Some people have a greater thirst for control than others. If you can’t share power, don’t partner with a likeminded business person. This can only lead to pointless, unending fights.
Above all, Jack Garson recommends that all partners know the rules of the game before they start playing. It’ll mean a lot less complaints when someone calls foul. You can read Jack Garson’s entire article “Why Business Partnerships Go Bad” in the Huffington Post.
For media interviews with Jack Garson on this and other business related topics, please contact Marc Silverstein at 202-716-9123 or at marc(at)onthemarcmedia(dot)com.