Do business partnerships ever really work?

By
Real Estate Agent with Keller Williams Realty 0225179163
http://actvra.in/4nml
Have you ever considered having a partner instead of going it alone? There are times when this thought can be very tempting to those of us that have had our share of long hours, endless nights and booked up weekends but does it ever really work out? We’ve all heard the horror stories of two friends that decided to go into business together. Not only does it always end with one (or both) of the partners leaving the business but as often as not the friendship is over as well.
 
So does this mean that partnerships are always a bad idea? No, but planning a business partnership with an associate or a friend takes a lot of consideration and a lot of planning. It is similar to a marriage and if you know the divorce rate in our country than you just might be getting an idea of just how difficult a successful business partnership can really be.
 
There are advantages and disadvantages to any union between two people and it is important to be aware of both before making a decision. The first thing you must ask yourself is “Am I a good business partner?” When considering such propositions we are always thinking about our potential partner and what they might bring to the table but first you need to take a look at yourself. Could you “deal with yourself” if you were someone else? Are you open to suggestions and willing to try something new even if it is not “your way”? If the answer is no than there’s no need to consider a partnership with anyone else. If you couldn’t deal with you, chances are that no one else can either.
 
If you have decided that you are a good partner than it’s time to take a close look at your prospective other half. The bottom line is can you deal with them? Are they open to suggestions and willing to see things your way even if they disagree? If both partners are not equally pliable than it is almost certain that the business is doomed.
 
There are many advantages to a partnership but only if the right two people are involved from the very start. If you are able to find your “better half” than you can look forward to sharing the start up costs of the business with someone else as well as the recurring expenses of running the business. Your financial risk is cut in half when you have a partner and you will have someone to depend on when you are not always available for clients or other important duties. You should expect support and motivation from your partner when you need it the most and if you’ve chosen well your abilities will complement each others in a way that will make both of you better at what you do.
 
One thing that most people never consider is being prepared for success. That’s right, prepared for success. What does this mean? Well, people change when they finally achieve the level of success that they have always hoped for. You’ve heard the story before; two friends decide to make a go of it in business and after years of hard work and dedication they finally make it big. Partner A is diligently working in the business to ensure that it keeps going strong but partner B has decided that it’s time to enjoy the fruits of his/her labor. “B” is out on his new boat almost all of the time now and “A” is the one keeping it all together. This is a very common story, it happens all the time. Making it to the top is only half the story, staying there is equally as challenging and if one person is doing all of the work than it’s no longer a partnership, is it?
 
I’m not saying that partnerships never work but it all starts t the very beginning. Choosing the right partner will determine your future for many years to come. Be wise, be diligent and above all else, be sure that you are not the bad partner in the end.
 
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Valorie L Ford

Valorie Ford & Co Logo

434.327.6900

www.ValorieSellsVirginia.com

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Rainmaker
690,126
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
A Tenacious and Skilled Real Estate Team

Yes partnerships can have advantages.  Caution is the most importatn aspect of partnering. 

Jun 19, 2014 08:14 AM #1
Rainmaker
755,530
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor Based in Jax Beach, FL

Good post -I've considered this and hiring an assistant at times, just haven't found the "right" mix and person yet. 

Jun 19, 2014 08:14 AM #2
Rainer
69,891
Rob Marken
Bend River Realty - Bend, OR
25+ years experience in Bend

Great post about partnerships.  What a great point for us each to ask whether we would make a good partner, looking inward to see if this is a good fit for us and our personality. Thanks for sharing. 

Jun 19, 2014 08:39 AM #3
Anonymous
Anonymous
Brent Link

Thank you for sharing. This is valuable information.
Do you know of any other resources available for planing a new team?

Sep 15, 2014 08:05 AM #4
Rainmaker
24,913
Brent Link
Coldwell Banker Woodland Schmidt - North Muskegon, MI

Thank you for sharing. This is valuable information.
Do you know of any other resources available for planing a new team?

Sep 15, 2014 08:07 AM #5
Rainmaker
157,213
Valorie L. Ford
Keller Williams Realty - Richmond, VA
Valorie Ford & Co, Charlottesville/Albemarle Real

Brent Link - I know Keller Williams teaches specific classes called, "Recruit Select Train Lead Motivate" and they are taught all over the country.  They utilize behavioral styles to make sure you have a good "job fit" and there are job descriptions for each position within a team.  There are a lot of Facebook groups I have found for team building as well where agents discuss where they are finding their "talent" and the differences between cul-de-sac talent and true talent.  It is quite fascinating and I have taken the class three or four times.  You learn something new each time.

Sep 15, 2014 08:24 AM #6
Rainmaker
24,913
Brent Link
Coldwell Banker Woodland Schmidt - North Muskegon, MI

Thank you Valorie. I will check out the groups on Facebook.

Sep 15, 2014 08:34 AM #7
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Rainmaker
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Valorie L. Ford

Valorie Ford & Co, Charlottesville/Albemarle Real
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