Why is it that so many people go into a business partnership venture wearing rose-coloured spectacles?
Just because you know each other, doesn’t mean that your partnership will survive in the long term. Even a legally-binding agreement doesn’t prepare for the anger, remorse, hurt and long-term damage – financially, professionally and even personally – that a breakdown in a business partnership can leave behind.
When you look around at the successful partnerships, those that at least made it past the three-year mark, what are the qualities underpinning this success?
This bonus chapter of our “Essential Partnerships Toolbox” shows you an insight into five foundations that underpin success. At first you assume your partner(s) are on the same page, so it could come as a shock when you realise your mistake.
We have been using these foundation stones to inform the process for clients who approach us to check out partners for a variety of collaborative ventures, both business and not-for-profit organisations.
Check them out, be honest in your appraisal, or get a third party to do it for you.