Sorting Out the Emotions of Taking on a Business Partner (or Becoming One)

by Kori Rodley Irons | More from this Blogger

08 Jul 2008 02:03 PM

There are logistical and legal concerns to taking on a business partner for your home business (or becoming one for someone else) but these are not the only realities that might pop up. There can be some emotional issues and personal concerns that have to be wrestled with you consider going from solo to partnership...

I have had one business partner so far in my life and I like to joke with people that she is the only person other than when I was married that I have ever shared a bank account with! This is a fun way of pointing out just how intimate and personally attached a business partner relationship can be. We need to go into business with someone we can not only work with, but also trust and respect. Even if we decide to partner up with the most amazing person, we still may have some concerns, worries and stress over whether we will be financially taken advantage of or left holding the bag if the person should back out.

It is better to address your concerns and issues BEFORE you sign contracts and take out that joint business bank account.

I think it helps to get an objective mentor to help work out the kinks before you go into a partnership. You might also consider some counseling-specific to business that can help you to work on some of the issues. I know that my former business partner and I set up a meeting with a business advisor/mentor with our local small business administration and he helped us ask hard questions and hammer out most of the big issues affecting our impending partnership.

Take your time and do not feel rushed, it is better to address everything on both sides and deal with the emotional issues before making the partnership permanent.

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