What if you had someone there by your side? Someone that knew your business? Someone that fill in your gaps of weakness?
What if you had someone that allowed you to do more of what you are great at? Someone that let you really focus your time and attention?
Many of the most successful people have just that.
If you look at many of the most successful business today they often started with and continued to have strong partnerships in the management teams. Companies like Microsoft, Apple, Google, Ford and countless others have relied on partnerships.
That’s not to say that a partnership guarantees your success. Many partnerships fail. Some single owner businesses, that are usually small, swear them off.
But bigger businesses always benefit from some form of partnerships. In fact the division of work assignments and roles seems to be one of the huge benefits of scale in larger businesses.
So how do we get partnerships right? What are the building blocks that help us get from here – a place where we can use more focus on our greatness to a storied partnership?
It starts with realizing the value of a partnerships and knowing one will take you farther. It doesn’t mean you’ll have to share ownership of your business. There are creative ways to partner with others without sharing ownership.
That, in fact, is the model I often use. As a business ownership lawyer at The R. Shawn McBride Law Firm, PLLC – www.mcbrideattorneys.com – I am in the business of creating partnerships. I also deal with partnership break-ups. But, based on my experience, I know partnerships can be done right.
And I often partner on projects where I share ownership of some specific thing that is created together with a partner. Knowing that whatever we create together will be better for world than what we do alone. That’s how my book It’s About Time which can be found at www.timemagicment.com for reference came into being. It was a partnership with Shannon J. Gregg because we knew we could do more together.
So partnerships can be big or small. You don’t have to start with co-owning a business together though many of my clients have benefitted from that relationship. You just need something to collaborate on where your skills really help each other.
Once you find that partner the next step is simple, but it’s different than what most people do. Most people find that partner and then jump into a partnership.
From my experience I tell them to do something different. Once you think you have your partner step back and have some conversations. Deep conversations about your goals, your working styles and alignments. And don’t forget to include in that conversation the think that is most important for to-be partners: what happens when you disagree.
If you can get aligned on those key things you have what it takes to start a partnership. And you should proceed to writing your partnership agreement.
Partnerships can be beautiful things. They can let you do more. They can let you focus and therefor earn more money.
By: The Our Shawn McBride, the business nerd and long-time business attorney that focuses on changes of ownership in businesses. He gets businesses ready for the future of business through keynotes, training and personalized solutions to get your business ready for The Future of Business which you can learn about at www.planningdoneright.com. He also hosts The Future Done Right(TM) Show which you can find on YouTube. If you want regular content on the future of business subscribe to get new blog posts from us here at www.planningdoneright.com/freechangebook.
**NOTE: Any discussion of legal ideas in any of my public facing materials is not legal advice. You must consult counsel to get legal advice based on your facts and circumstances. Do not rely on the content of this message without consulting a lawyer. No attorney-client relationship is formed by this content (video, blog, etc.) Unless you have retained my firm and I have specifically acknowledged I am your lawyer you should not rely on any of my statements as legal advice.**