When a partnership works, it’s a beautiful thing. When it doesn’t, it defines ugly.
Once, during a conversation with a mentor about partnerships, he made this declaration: “Partners are only good for two things: sex and dancing.”
My mentor’s personal experience led him to make that indictment. My experience has led me to be more thoughtful, but I still advise anyone planning a business partnership to consider his rude but worldly comment as a handy caution to purge their plans of naivete.
A business partnership should be entered into with a healthy dose of reality about the human element involved. My friend, David Gage brings sunlight to this reality in his book, The Partnership Charter, wherein he writes, “Business people are experts in what they do, but they’re not in how to be partners.” Boy, howdy, is that true!
If you’re considering a partnership structure for your business, Gage recommends asking yourself, and your potential partner, the three questions below, which are followed by my thoughts.[Continue Reading]