When you think of a 50/50 partnership….think of a marriage. There are some striking similarities:
- Actions require consent from the other partner
- Trust is the most important factor
- You must understand each other
- You will spend an inordinate amount of time together
- Your decisions can have a grave or an exhilarating impact to both your lives
Entrepreneur Magazine is a great resource for information about both starting and operating small businesses. The recent article “5 Things You Must Do When Entering Into a 50/50 Partnership” is a great quick read for anyone who is thinking of entering this type of business structure or already has and wants to check their arrangement against this proven advice.
Before you dive into a business partnership, consider some stipulations of this type of arrangement that might cause you heartburn – or calm your fears!
You may also want to read “Avoid These 7 Partnership Killers” – also from Entrepreneur Magazine.
Image Credit: Josh Sommers