It is said that two heads are better than one, which is usually correct. When two people unite to achieve an important goal, they share expertise and resources and can achieve their goals faster. In addition, someone can help make a decision, and someone can vent their frustrations and celebrate victory. Human beings are social animals. Most of us have a close companion in life, or want one. Many aspiring business owners and entrepreneurs also want to have partners in their businesses.
A life or business partner can bring many benefits to a relationship or can lead to disaster. Most business partnerships fail, and nearly 50% of marriages end in divorce. Your marriage partner and your partner must choose carefully and look to the future. Opposites may be attractive, but they are usually unsustainable. Common values, goals, priorities, expectations, corporate vision and complementary skills are the bonds that are closely linked.
Before you begin to work with your supposed expectations, please document the resources that the joint venture needs to achieve and maintain profitability. Consider what you are willing to give up on getting these resources. If you need to start or expand funds, getting close to a lender may be the best strategy. If your financial projections indicate that the revenue generated will allow you to repay the borrowed funds within five years and your credit is good, please contact your accountant and banker and develop a loan strategy. If the specific expertise is what the business needs, then it is necessary to write a job specification and hire an employee.
If money is the main issue and you are more willing to finance privately, then some form of cooperation is your fundraising strategy. Calculate the optimal amount of capital investment required and ask your accountant or commercial attorney to estimate that you may need to give up ownership of the investment partner. If it seems that you can't keep at least 51%, then consider accepting two partners and giving yourself control over your equity. Never separate 50-50 to avoid a deadlock in important decisions.
At my business plan writing workshop, I emphasized that you must understand yourself when doing business. Objectively think about how many people in the business you can tolerate are present. Your personality type may lead you to seek limited or silent partner arrangements, a partner who primarily wants to make money and believes that you are wise to do business.
However, you may conclude that you need an ordinary partner, a partner who can make money investments and provide expertise and business acumen. Then you must accept more than one way to view challenges, opportunities and risks, and share decision making. For the founding partners, these realities are always a big adjustment.
In addition, you and your partners must have their own roles and responsibilities in the business. Also ensure that the partner plans to make a weekly donation. Can you live? A division of labor must be established and written into the partnership agreement. Also check the financial history of the hypothetical partner. Don't build partnerships with people who are heavily in debt.
Finally, the exit strategy is included in the agreement. Sometimes things don't succeed, and some people want to go out. Protect your business and yourself with partner buyout options and partner divorce, illness or death regulations. Make sure you don't do business with the children of your former spouse, surviving spouse or partner.
thanks for reading,
gold
Orignal From: Hello partner!
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