What makes a good partnership? Sometimes pairings that look perfect on paper don’t work in reality. It is common to not fully understand the people we work with until they work with us every day. If you are involved in your business as co-founders, it can be challenging to decide whether or not to end the relationship. You should never enter into a partnership deed without understanding the terms of the agreement and what happens if there is a business separation.
Many people choose to work independently, regardless of their reasons. This can be a nice decision, but it can also mean that you may not get the same benefits from working with a collaborator, who might inspire and motivate you to better outcomes. While it is more complicated than just working as a founder, planning for a split can be much easier than working alone.
How can you identify the right person or the right kind of person to search for?
Although it may be tempting to choose someone who matches your personality and temperament, your company will benefit from a partner with a different perspective who is ready to challenge you on an ongoing basis. Although agreeing on everything can seem like a sign that you have a good partnership, if your achievement is to find someone who will work with you and support your ideas, you should consider hiring employees.
Partnering with someone else can provide a benefit. While you may not be able to do everything well in running a business, it is possible to benefit from someone else’s expertise. This is a familiar trope in fiction and life: The technical genius who struggles to get along with others is often paired up with the big-ideas woman or man who can easily manage personalities and handle people. While it is not easy to find the right pairing, they don’t tend to read too much into each other’s territory or try too hard outside their strengths.
There is a certain amount of tension that makes for great partnerships. It is best not to let tension escalate into fights or disputes. However, professional disagreements — or at most their ideas — can help ensure that every policy and project is well-reviewed and as effective as possible. Although it can be frustrating, being challenged is essential. It’s best to approach challenges from the perspective of someone equal. Many employees find themselves in a difficult position where they are told to criticize ideas they disagree with but feel they cannot do so in reality. It is challenging to be the voice of reason, especially when an idea comes from the top. Having someone who can give critiques from a position in authority is essential for any business.
A partner can be a great support system for those going through the same challenges as you. It’s hard work, and those in the same situation can only truly understand. Your employees won’t be able to hear your concerns, worries, or fears. And your family might not appreciate them sharing those feelings. Even though it may not make a difference in the overall balance sheet or work, the benefit of a partnership is evident in having someone to confide and talk to.
It can be hard to form partnerships, but that is not the point. Everyone needs people to help them grow and support them. Working with a collaborator or cofounder can make us and our business better. But it’s essential to select the right partner. #onwards