If you are planning on forming this kind of relationship, then you better read what this article is all about. Keep in mind that entrusting the condition of your business to another person is not an easy thing to do. There are a lot of things that you have to consider and this is where the usefulness of this source comes in.
First, you have to schedule a meeting your lawyers. It is your responsibility to discuss to them the partnerships that you have in mind. If they approve of the people that you have in your list, then you can already screen them one by one. Do this weeks before you talk to your prospects so that you will have the smooth flow that you have always wanted.
Second, you have to make sure that you have the same goals with your potential partners. Otherwise, there would certainly be occasional clashes among all of you. That is something that you would have to prevent from happening no matter what happens. Thus, try to choose people you know as much as possible.
Third, see to it that your prospects are as motivated as you are. Keep in mind that you cannot be a small time business owner for the rest of your life. You would have to climb up the corporate ladder as each year goes by. So, your candidates should be able to share the same drive that you possess for you not to have any problems in the end.
You would also have to agree with a lot of things outside your business. These people would just need to be your almost exact replica. Otherwise, your employees would not obey them and there would only be chaos in your workplace. Organization would be lost which is actually an important characteristic in a company.
You can consider your family members as well. By keeping the business within your family, you can be guaranteed that someone would take care of your legacy when you are no longer on Earth. So, keep your little ones informed on the company so that they might follow your footsteps one day.
On the other hand, you would have to set punishments ahead of time. Keep in mind that the rules of your business are needed to be adhered always. Everyone would need to have a good set of work ethics and your partners are not an exception. If they fail to follow your rules, then they should be reprimanded one way or another.
However, you must be lax with your business partners. You should not keep them on a tight leash all the time. They are also human beings which may not be in equal with you but are needed to be treated the right way as well. This is the perfect formula that you must be able to follow.
Lastly, have an exit plan for yourself. As rude as it may sound, it is a requirement for you to always have a back up plan. This would save you if ever your partner runs away with all of your profit and money.
First, you have to schedule a meeting your lawyers. It is your responsibility to discuss to them the partnerships that you have in mind. If they approve of the people that you have in your list, then you can already screen them one by one. Do this weeks before you talk to your prospects so that you will have the smooth flow that you have always wanted.
Second, you have to make sure that you have the same goals with your potential partners. Otherwise, there would certainly be occasional clashes among all of you. That is something that you would have to prevent from happening no matter what happens. Thus, try to choose people you know as much as possible.
Third, see to it that your prospects are as motivated as you are. Keep in mind that you cannot be a small time business owner for the rest of your life. You would have to climb up the corporate ladder as each year goes by. So, your candidates should be able to share the same drive that you possess for you not to have any problems in the end.
You would also have to agree with a lot of things outside your business. These people would just need to be your almost exact replica. Otherwise, your employees would not obey them and there would only be chaos in your workplace. Organization would be lost which is actually an important characteristic in a company.
You can consider your family members as well. By keeping the business within your family, you can be guaranteed that someone would take care of your legacy when you are no longer on Earth. So, keep your little ones informed on the company so that they might follow your footsteps one day.
On the other hand, you would have to set punishments ahead of time. Keep in mind that the rules of your business are needed to be adhered always. Everyone would need to have a good set of work ethics and your partners are not an exception. If they fail to follow your rules, then they should be reprimanded one way or another.
However, you must be lax with your business partners. You should not keep them on a tight leash all the time. They are also human beings which may not be in equal with you but are needed to be treated the right way as well. This is the perfect formula that you must be able to follow.
Lastly, have an exit plan for yourself. As rude as it may sound, it is a requirement for you to always have a back up plan. This would save you if ever your partner runs away with all of your profit and money.
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