3 Problems Small Business Partnerships Face

Posted by tmerrill under Startups
From http://www.solosmallbusiness.com 4326 days ago

Small business partnerships can be very profitable. Having a partner means you can more than double the amount of work you can get done. Unfortunately, partnerships do not always succeed. Here are 3 reasons small business partnerships fail.

Who Voted for this Story

Top BizSugar Users

This week's most active BizSugar users. Join Them!

Comments

Written by HeatherStone
4326 days ago

Hi Tomas,

The problem I hear over and over again has to do with number 3. I'm not certain why a business relationship like a partnership would ever be put together without some sort of agreement in place but it certainly seems like a recipe for disaster.

- 0 +

Written by HeatherStone
4321 days ago

Agreed, Tomas,

At the very least some sort of written agreement gives you an understanding of the other party's expectations and gives them an idea of yours. This kind of agreement can be worked out even with back and forth e-mails, and at least gives you something to refer to when any problems arise.

- 0 +

Written by tmerrill
4321 days ago

I agree, it is very common. I think people don't realize the power of simply writing an agreement out. It doesn't have to be legalese to be considered a contract. It's too bad more people don't understand this, they would save themselves so much trouble.

- 0 +