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Guest post by: Alex Revai Become an Author

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This is a true story. My wife used to be a home maker. Having raised two of our children to an age, where they could be left to fend for themselves, she decided to start her own business. For many reasons it was clear that the business needed a partner. At the time she met a woman, who was in similar circumstances. They have known each other only for a couple of months, when my wife proposed that they become partners. To make a long story short, they have been in business together for almost 20 years now and they are still successfully running their fashion boutique. As an aside, their mutual friends gave them 6 months to last together at the time they partnered. How did they manage to prove them wrong? Read their simple recipe:

1. The partnership should be 50-50

Since my wife had all the supplier contacts, knowledge of the merchandise and customer base, she felt that she should have a bigger share of the business. Yet, it was decided to make the partnership 50-50. It was felt that any other skewed sharing would lessen their respective sense of ownership and would adversely affect their working relationship.

2. Any disputes must be resolved immediately through frank, face-to-face discussions

Just like in a marriage, it’s inconceivable that in a business relationship there would be no disagreements or frictions. Would they keep it to themselves and let the problems fester, the relationship would sour in no time.

3. There must be 100% trust between the partners at all times

If there is but a sliver of suspicion (of any foul play) is allowed to enter in their hearts, the business cannot survive it. Refer to point #2 for resolution.

4. Complementary strengths must be allowed to be played out

Both parties must recognize their strengths and admit their weaknesses. Instead of being jealous of their respective strengths, they must fully utilize them to the benefit of both.

5. 50-50 means that all work, tasks and responsibilities should equitably be contributed by the partners

There must be real as well as perceived equitable contribution to the success of the business. Should either party feel that they carry more than their share (50%) of the burdens, it would lead to resentment and...well...the end of the business.

6. The parties must be there for each other through thick and thin

Partners may become ill. Special circumstances may arise, which may require one to take an extended leave or vacation. The other party must, without any reservations, step in and pull for both.

7. A partnership must have adequate and appropriate insurance to protect the business and the parties

What responsible marriage would be without a suitable insurance policy? Consider proper business insurance and suitable life/disability insurance to protect the parties for all eventualities.

8. Engage the services of an accountant and/or business advisor

Even if we are not talking about marriage counseling, per se, it’s desirable to have an unbiased party provide feedback and advice as to the health and wealth of the business.

Will the above guarantee successful partnering? That may be too much to expect. No marriage (and business partnership) will last, unless the parties are mature, honest and willing to make the commitment. Commitment to each other and to the business. The willingness to make a real effort to work through the inevitable problems and hardships. The resolve to make it a success.

Will these tips be helpful as guidelines? Unquestionably yes. After all they worked splendidly for these two fine ladies, who were given less than 6 months together by their friends. And, that was almost 20 years ago.

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