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Key elements to making a business partnership work

When starting a new business in Florida, entrepreneurs have several different business models that they can follow to establish the business. A partnership is one of these and, like any other operational model, it has its own set of advantages and disadvantages. People interested in setting up a new business partnership should be sure to do their homework ahead of time and follow some basic steps that can help make their experiences positive.

A Forbes article provides important guidelines for people when selecting a business partner whether for a real estate contract or other agreement in different industries. One suggestion is to seek a person with skills or knowledge that best complement the skills of the other partner. Considering the needs of the ultimate clients or customers and identifying areas that could benefit by additional expertise is one way to identify these elements. 

A frank discussion of conflict management should be part of the process of selecting a business partner as conflicts can arise between partners as well as between the business and other entities. Expectations for how to handle a breach of contract or other dispute should be clearly outlined ahead of time.  

Another article in Forbes points out that among the world of business contracts, the partnership agreement should always be utilized to outline the expectations of both parties.  This legal document should delineate all responsibilities of each partner, the plan for managing disputes and how to handle the dissolution of the partnership should that come to pass at some later date.  Taking the time to make a strong partnership agreement from the beginning can help in the long run.

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