Consider establishing some RULES OF ENGAGEMENT in your partnership.
Partnerships are no different than any relationship you have in that they will have conflict and disagreement.
If I terminated every partnership, where we had a fight or did not agree, I would have zero partnerships today!
Partnerships have made me a lot of money and have also made my entrepreneurial journey so much more fun. I would recommend establishing “Rules of Engagement”. This is how you will fight or disagree in your partnership. I recommend these be established BEFORE going into a partnership—but late is better then never.
Examples of RULES OF ENGAGEMENT IN A PARTNERSHIP
- Who will break the tie when you both disagree?
- What are the consequences of someone not fulfilling there responsibilities?
- We agree to meet once a week to discuss current affairs of the company?
- We both agree to put in a given amount of hours per week.
- Any amount spent over a given amount requires both partners approval.
