The Young Exec's Playbook:Partnerships That Work

Building Business Partnerships that Work

Keith Richards and Mick Jagger. Bill Gates and Steve Ballmer. Warren Buffett and Charlie Munger. Bill Hewlett and Dave Packard. Silas and Joseph. What do lasting partnerships have in common? They lasted a long time -- and in some cases are still going strong. Why is it that some partnerships succeed while others crash and burn?
Here are some tips for building successful business partnerships that stand the test of time, sourced from observation, study, personal experience and a chanced glance at The Businessman’s Playbook.

Trust
There should be trust between intending partners. Trust is a fundamental factor in every type of partnership, be it marriage, courtship or even friendship.
It is pertinent to be able to trust your partner to make the right choices and possess the capacity to put you at ease with his/her character. So there wouldn’t be any need to go snooping about.
Bottomline: Go for a trustworthy partner. Any doubt is unhealthy.

Common and aligned ambitions and goals
As partners, your vision for the business as well as goals and ambitions for the business should be similar, not necessarily identical. This is the foundation, partners may have different ways of approaching the business, but at the same time their sense of what we value in life, what we place value on, is pretty close.”
Hewlett and Packard, both Stanford University electrical engineering graduates, worked together on a fellowship. When they launched their business in Packard's garage near Palo Alto, California, in 1939, they shared the same mission and objective: to build an electronics company.

You and your partner can be radically different, but you both have to have an undying commitment to your cause without keeping score.
Partner should be able to share aligned goals of the destination of the business in question.
There is no need going for a partner who wants to go east while your destination is westward. Even the Bible speaks about two people having to agree before they can walk together- I like to think “work together too”.

Complement each other, even if you do things differently.
The fact that you and your partner have aligned goals and ambitions does not mean your individual modes of operation must be identical.
The way you and your partner handle the business day-to-day, expenses, and even clients, can be completely different, but it doesn’t mean the business won’t work.
It’s left for you and your partner to identify each other’s strengths as well as where they will be best applied.
Honest and Open Communication
Having a partner means you need to have honest and open communication always, no matter how difficult the topic. This includes talking about money, mistakes and different management styles.

It's extremely important that you let people know where you stand -- what motivates you, how you operate, what your expectations are, et cetera.
Making it clear from the beginning what you expect from your partner saves a lot of awkward moments down the line. There should be no issues you hold back from your partner especially if it pertains to the business.
As you work to make your partnership thrive, find a win-win solution that is fair to both parties, and establish a clear framework for success. Anyone who's been in a partnership can tell you that they aren't easy - but they can also be extremely rewarding, and perhaps even essential to the success of your venture.

Commitment

Every partnership requires commitment to drive it off the drawing board into reality. Every partner needs to be committed to making the business work. There should be no half-hearted efforts. You do or you do not- there is no try.

P.S It may seem that two is the lucky number when it comes to partnerships, but then more could be merrier!