Advice From Co-Founders On Business Partnerships

Business partnerships are like marriage, they require purposeful care and grooming. Below you will find the experiences and advice from entrepreneurs who have been in business partnerships. If you want to suggest a question for the community, just click here.

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How do you and your co-founder decide on something when you have opposing opinions?
We try and be really honest and upfront about our concerns with any issue that we may have opposing issues on, whether it is something small like a UX change, or bigger matters like company direction or looking for funding etc. One critical thing to keep in the back of your mind in situations like this is: “We are all on the same side”. Every stakeholder in the business is looking for the best outcomes, so try and remember this if you ever feel like the other party is ‘attacking’ you – 99% of the time, they are not, but rather they are thinking they are doing what is best for the company. As well as explaining your point of view, try and back it up with evidence and facts, rather than emotion. A wise man once told me: “If nobody is happy with a final decision, then it is... Read the rest of the answer here.

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If you had a partnership that went bad, what is the #1 thing you took away from that?
The biggest lesson for me from partnerships that went bad in the past is “Keep the Emotion out of it”. It is extremely difficult, but very necessary if you want to navigate the stormy waters effectively. It is all too easy to become bitter and cynical and to attack each other on a personal level. But sometimes even a business decision like how to split remaining assets is shrouded in emotion, which makes it harder than it needs to be. At times like these, you probably need to seek guidance from a business colleague or mentor (Note: NOT family or anyone who cares for you on a personal level, and may be biased) to look at the situation from a clear, business viewpoint, and help you make the hard decisions with a clinical eye, devoid of any emotional attachment. Sometimes a mediator can help to act as the ‘go between’... Read the rest of the answer here.

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