Inside Money Today

Lendinero's blog on Growing Your Business

Protect your important relationships in Partnerships

Protect your important relationships in Partnerships

moneyBefore you consider a partnership with a friend or a spouse, ask if it’s worth jeopardizing the relationship if the partnership sours. When you go into business with friends, it can be difficult to maintain your professionalism, and it can be easy to skip over the all-important partnership agreement.  A friend, spouse or a family member has an existing relationship or level of confidence with you.  This may become a double edge sword.  Since there is a level of confidence sometimes they may take advantage of that and not respect the business relationship.  When this happens, the partnership is likely to fail.

Likewise, it can be extraordinarily difficult to partner with a spouse, family member or friend. A business partnership can put extra strain on a marriage or friendship and vice versa. If you decide to go this route, maintain the boundaries between home and work, clearly define each partner’s roles and definitely keep a sense of humor.   With friends, you need to create that separation as well. However, it is not always easy to maintain those barriers.  Think of it this way.  If you hire an employee and they become your best friend or spouse; the working relationship is likely to change.

© 2015 Lendinero

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