The advantages of a partnership are numerous. However you must be aware of whom you select as the partner, or else your experience could turn into a nightmare. Based on the past that we have with partnerships, either good or bad we take a look at some of the legal aspects to be taken into consideration before entering into this type of business.
A Little History
Prior to when my brother and I established our business transmission, He worked in a different business with an unrelated partner. He’s a jolly kind of person who believes that others are the same as he is. He made a huge error. He and his business partner built an enormous business that seemed to be profitable and long-lasting.
Similar to the company we own today My brother was responsible for the technical aspect of the business, and his partner was responsible for the actual business part. He didn’t realize that the partnership didn’t mean anything to his partner and the money he stole from the business. At the point that my brother realized that there were problems in the business part of the business, the time was not right to fix the company.
The business relationship that was a disaster brought a break to a friendship as well as being a business. He was not left behind more than bitter emotions and indebtedness for the work he spent on the business for over fifteen years.
When I relocated back to El Paso, I couldn’t find work because of an MBA I was highly qualified for every job I applied for. My brother was searching for an opportunity to get back into the workforce. After having experienced the thrill of entrepreneurialism, he wasn’t thrilled about the prospect of going to work for someone other than himself.
We are at the 15th anniversary of our first year in business and our business is well. We have discovered ways to collaborate with one another while challenging each other to go beyond their capabilities.
We are respectful of each other as well as our business, and this gives us be freedom to continue to grow. Respect is the most important thing in any kind of partnership.
Starting A Business Partnership
Be sure your partner select to partner with has the same business and personal ethics, morals, and goals that you share. My brother and I it was simple, as we both owe the same God We referred to her as Mom. We knew that she will never harm us, or our business due to the connection and trust we shared with our family.
While you’re trying to ensure that you’re in line with the principles mentioned above You must ensure both of you do not think in the same way. The first mentor I had in the business world once said that when you and your coworker have the same mindset, the other one isn’t necessary. You should discuss methods to improve your company. It is important to ensure that you’re capable enough that neither outdoes the other.
The possibility of sharing the burdens and responsibility of growing your business is among the many advantages of business partnerships.