\ncommunity in many ways, including his weekly Internet TV program on entrepreneurism, and participation in several mentoring programs.\u00a0\u00a0\u00a0<\/i><\/p>\n
Business partnerships have their advantages and disadvantages.\u00a0 Taking on a business partner is like a entering into a marriage.\u00a0 In general, partnerships are easy to get into and difficult to get out of.\u00a0 Certain guidelines should be taken into consideration along with a path to follow \u2013 from dating to pre\u00adnup to marriage \u2013 all of which can be applied to a business partnership.<\/p>\n
Taking on a business partner can be an excellent strategic decision in helping move the business forward.\u00a0 It should be well thought out for all parties involved. The relationship needs to be synergistic financially, emotionally, and operationally.\u00a0 All parties need to perform due diligence to ensure that the assumptions are correct, that neither partner has financial issues which could affect the partnership, and that the opposite partner has the skills to contribute to the partnership.<\/p>\n
[Email readers, continue here…]\u00a0<\/em> <\/span>Most of the important benefits for partnering include:<\/p>\n From Basic Berkonomics: Available Amazon, B&N, berkus.com and booksellers everywhere.<\/p><\/div>\n Certain steps should be taken before entering into a partnership.<\/i><\/p>\n 1.\u00a0\u00a0 Personal assessment and getting to know one another:<\/p>\n 2.\u00a0 Determine personal and business goals:<\/p>\n 3.\u00a0 Create roles and guidelines in the potential partnership:<\/p>\n 4.\u00a0 Perform preliminary due diligence:<\/p>\n 5. Create partnership agreement basic terms:<\/p>\n Depending on the legal structure of the business, different types of formal agreements may be required.<\/p>\n Partnership agreement should never be 50\/50 regardless of the perception of compatibility at the time of execution.\u00a0 There must be some method of resolving a tie that is predetermined in the agreement.<\/p>\n Potential partners should follow and apply these guidelines independently.\u00a0 This should be followed by a joint meeting to determine commonalities, synergies, and conflicts. \u00a0If necessary, this is the time to bring in an impartial third party to facilitate any possible conflicts and resolutions.<\/p>\n It is highly recommended that legal document are created and\/or reviewed by a business transaction attorney.\u00a0 All agreements should be in writing and signed by all parties involved.\u00a0 Regardless of what method is taken to reach an agreement among partners, avoid some of the common mistakes.\u00a0 These include premature rejection of ideas by the other partner, prematurely judging others, one-sided financial consideration, and not sticking to core values.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" By JJ Richa Dave’s note:\u00a0 Our guest insight this week is from JJ Richa.\u00a0 JJ is a successful entrepreneur and technologist giving back to the entrepreneurial community in many ways, including his weekly Internet TV program on entrepreneurism, and participation … Continue reading \n
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