A business partnership can be said as a marriage between two people who share the same vision. Like in a marriage, both the partners have to work in tandem for the business to work. They have to trust each other and perform their assigned duty to their best ability. And like a marriage, the partnership too can have disputes which, if not handled properly, can lead to a “divorce” between the two partners! So, you have to be very careful from the beginning when you think about entering a partnership. And that starts with choosing the right partner. The first question that arises here is where do you look for to find a good partner? Often, people buy a franchise in association with their spouse. If you are not that lucky, then the next place to search for is among your friends and relatives.

There may be someone in your family who is also looking for a partner. Or, your old schoolmate might be thinking about leaving a job and starting a franchise! If you don’t want to take in a partner from your near and dear ones, then asking your colleagues, if they are interested in starting a franchise in partnership, is another good idea. Then there are also some websites that facilitate meeting of different people who are seeking business partners. Sometimes, even discussing your plans at informal gatherings can bring in a partner from unexpected sources! After you have found a partner who shares your vision and has the same level of enthusiasm about the business, then it’s time to get in touch with the lawyers. Write down a detailed partnership agreement in consultation with both of your lawyers. There are many kinds of partnerships like general partnership or limited partnership; decide what yours is going to be.

Next determine what kinds of role you both like to have in the running of the business. It is here where your individual strengths will come into play. Suppose, you have good marketing and sales expertise and your partner possess administrative and management skills. Then you can handle the meetings with prospective clients while your partner may oversee the running of the unit and manage the employees. This should be clearly mentioned in the partnership agreement. Assigning roles clearly will also help in reducing friction between the partners. Also make sure that the employees know which one of you to approach when they face a particular problem. Another thing that you are supposed to settle beforehand is how the partnership is to be terminated. Lastly, even if things are not smooth between you two, then don’t clash in front of the employees. That will confuse them and lower your productivity. So, foresee all kinds of hypothetical situations that may arise in a partnership and ensure that you have set solutions for them before the partnership becomes official.

Of course, the first step is to find the right franchise business opportunity. Start exploring today.

Source: brandEXPANSION
Written on August 27th, 2009 by Joseph in Franchise News.