Business partnerships

[JimmyConwayNW]

For those who have been involved in partnerships what would you say are the key strengths to a good partnership and a bad partnership?

[anonymous-user]

JimmyConwayNW said:

For those who have been involved in partnerships what would you say are the key strengths to a good partnership and a bad partnership?

The key strength of a bad partnership is to partner with a knob.

[Eric Mc]

Like a marriage -

common purpose
common goals
common views
common approach

[JimmyConwayNW]

Not really worded correctly.
The main reasons for a business partnership failing.

Currently in a bit of a situation where I feel I am doing significantly more than a business partner and looking at how to deal with the situation to the best extent.

[Eric Mc]

Like a marriage - the opposite of what I said in my list

In my experience, the most common reason I have come across with failed business partnerships (and I include directors of limited companies in this definition of partnership) is the opinion held by one partner that he/she is putting more effort into the business than the other.

This isn't actually always an accurate view - but that is because "effort" is hard to quantify.

Individuals have different attributes - and they bring these different attributes to the business.

[hunton69]

I'm on my third.
First one worked well but he liked the casino to much. The break was amicable
Second one worked great and when it suited me he bought me out.
Third one was set only set up 10 months ago and it's running great. He works much harder than me but that was part of the arrangement.

I have also been a sole trader for 15 years.

Key part for me is trust and that you both bring different skills into the business.

[POORCARDEALER]

Lack of communication and outside influences (wives, girlfriends etc), different visions, one been more committed than the other all reasons for failure.

[Steve H]

Key part for me is trust and that you both bring different skills into the business.
[/quote]

The above 100%

[anonymous-user]

Tough question.

I'd say that it's healthy to have different mindsets, but not too different.

I'm a cynical numbers man and used to work with a guy who i'd describe as a creative optimist. We were complete opposites, but it worked, because we both worked hard and listened to each other.

[Eric Mc]

Often a two person partnership will consist of an introvert and an extrovert. Although both may be different personality types, the two sets of characteristics can complement each other.

However, it is important that both individuals share a common ethos - and perhaps a common sense of business ethics.

[911997c]

Interesting points raised. How, or can, you go forward with a partnership if one partner has betrayed the trust, which is so important for a partnership to work, especially when you are related.

[Pit Pony]

I have trust Issues. The only people I could have a full business partnership with is my Son, and maybe I could have a silent partnership with my daughter.

I couldn't work with my wife. And I've yet to meet anyone, who I would trust enough. Actually, I've met a couple of blokes, who I would trust, but I don't think they could cope with my personality.