Business partnerships can be tricky at times. Our founder Jeff Orr recently offered his advice on managing business partnerships in this interview with ATB Financial.
Jeff’s top 5 tips for working with a business partner
- You don’t want to work with yourself. Find someone who’s equally passionate about the business as you but sees the world through a different lens. My previous business partner and I were 180 degrees opposite people, but the success of the business is a product of those two mindsets.
- Make sure your share structure mirrors the work each partner is willing to do. It’s fine if someone has to do more work than another, but if that’s not discussed early on it will surely lead to animosity.
- Find someone who has the same dream as you do.
- Find someone who challenges your ideas and your comfort zone.
- Start a business that you’re equally passionate about. Passion for profits is great but it will only get you so far.
Did you find Jeff’s advice on managing business partnerships useful? Chat today and see how our tools can help you and your small business!