In 2010, me and 2 friends started a business based on some sort of partnership. Even though we didn’t have any agreements and manuals, we were optimistic that business would go well. And because we kind of trusted ourselves, we played down on any kind of documentation.
To be sincere, these guys are great, hard working and humane in their own capacity. But as it stands, I have learned important life lessons on working together as business partners that I wished I knew back then.
If you are contemplating going into partnership with someone or a group of persons, here are important things you must consider.
1. Do you have a spiritual connection with your potential partners?
It might sound absurd that I am bringing in spirituality in business, but the fact is you’ll not function properly in a partership that you do not have a heart connection together.
Its no wonder the Holy book says to go into partnership only with people that share your spiritual belief system and practices. Even after you confirm that your belief system is in sync, you still need to be sure there is a connection between you guys in the spirit.
You’ll have to work this out before even saying “Lets do it.” If I were to go back today, I would spend time, days, weeks, even months to pray and meditate over the business partnership before jumping in.
This is because no matter how great a business plan is, one Jonah in the Ship could cause a shipreck sooner or later.
Your business partners are not just partners. Once you accept and jump in, they are from then a part of your life, history and destiny.
The guys you want to go into partnership with might be good guys, with good intentions, but if there is no connection in the spirit realm, things could turn out very badly. So take some time off in prayers or meditation or fasting before forming the partnership. Its very important.
2. There Must Be Clear Terms of Involvement and Remuneration.
No matter how close you are to a person, he could be your blood brother or best friend, if you are going into a business partnership, make sure that terms of involvement and remuneration are clearly spelt out, documented and signed, best before a lawyer.
Without stating clearly what each person is bringing to the table in terms of finance, day-to-day running of the business and compensation system, you’ll definitely have problems when the business begins to grow or otherwise.
I personally believe these are the two most crucial factors you must determine before going into a business partnership with anyone. If you have some points to add, I’d be glad to hear it. Please use the comment section.