Infatuation
Syndrome
This is when partners get caught up in the idea of the business partnership. While I’m a big proponent of dreaming and visioning your ideal future, if you truly want to live it you have to give your dreams a realistic chance to succeed. In order to do that, potential business partners should invest the time up front to:
We often take for granted those people who are closest to us. We convince ourselves that they should understand what you meant or they should know that you appreciate them. Investing your time and energy up front is no guarantee your business partnership will succeed if you don’t continue to invest in the relationship.
News flash! If you ignore problems or feelings of resentment they really don’t go away. In fact, resentment and distrust builds until it is often too late to restore the relationship. I’ve seen business partnerships go from infatuation to partnerhsip dissolution in less than two years, not because the business failed, but because the relationship was past saving.
Source: newbusinesspartnership.com
This is when partners get caught up in the idea of the business partnership. While I’m a big proponent of dreaming and visioning your ideal future, if you truly want to live it you have to give your dreams a realistic chance to succeed. In order to do that, potential business partners should invest the time up front to:
- Ensure you share core values, vision and expectations for the business
- Agree on your roles, responsibilities, authority limits and decision-making process
- Get clarity on individual contributions and equity percentages. Make sure you “assume success” and picture this arrangement 3 to 5 years out. Will it still seem fair to you?
- Understand your partner’s financial situation, credit rating and willingness to invest additional money if needed.
- Make it legal. Talk to your attorney and tax accountant to make sure you create the best legal structure for your situation and that you record your agreements.
We often take for granted those people who are closest to us. We convince ourselves that they should understand what you meant or they should know that you appreciate them. Investing your time and energy up front is no guarantee your business partnership will succeed if you don’t continue to invest in the relationship.
- Spend time on the relationship, not just the business
- Hold regular partner meetings
- Be honest and forthright with your feelings of inequity and appreciation
News flash! If you ignore problems or feelings of resentment they really don’t go away. In fact, resentment and distrust builds until it is often too late to restore the relationship. I’ve seen business partnerships go from infatuation to partnerhsip dissolution in less than two years, not because the business failed, but because the relationship was past saving.
Source: newbusinesspartnership.com
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