In choosing a partner, you have to make sure if he's a trustworthy person or not, can communicate well with you or not, and so forth. Rather than bother to analyze, you would prefer to invite family or friends to work together.
However, before you do that, you should listen to the advice of Jane Porter and questioned the 10 things in advance to ensure that you are choosing the right partner.
1. Are you and your friends have the same goal?
You must have a clear purpose in business. Do you want to have a business to protect the interests of your family life? Alternatively, maybe you want to raise brand your business for sale?
If your goals are not clear, it will be difficult to make the right decisions and the right for your business.
2. What does that person to the company?
Do not let the brotherly relationship or friendship because you have made your qualifying blurring the boundaries that are useful for your company. Besides, think of the level of trust and commitment you can give to friends or family you are. Writting a clear job description and make the rules from the beginning. Rules of the game are your weapon to make everyone in the company remains in compliance with the rules and regulations.
3. Should you offer an equity stake in the business?
Having a partner in the business would have to be considered also the distribution of ownership of the business. If not so necessary now, you still have to plan for some time.
It is easy to agree on something with your friends or relatives are not formal, but you should guard by creating a mutually acceptable contract agreement and have the force of law.
4. What happens if you do not agree?
The company led by two generals certainly confusing. Factor of two generals also discussed in a recent book Mas J, Book Anti Bankrupt.
Determine whom the decision makers or the decision maker in your organization. It is maintaining the integrity of the company and the loyalty of your employees. Do not let your employees be confused as a single command to the right, while the other commands to the left.
5. How big is your tolerance for a risk?
Whose name do business must be faced with risks? No High Gain Low Risk. If anything, surely will not last long, because competitors will arrive and competition leads to price wars.
Kinship does not guarantee you can tolerate major risks. For example, if the couple want to start a new business, maybe just the older brother who is ready to help and together strive for business starting from scratch. While the younger one would only go jump when the business is more established.
6. What is the role you and your friends in the company?
A study of 518 family business in 2010 concluded that the most successful businesses makes clear the role of their respective owners, as revealed by Tracy Shaw, assistant vice president of market development at MassMutual Financial Group.
Lidia and Uli Fuhme, couples who founded Gran Frondo NY, making the division of tasks as they organize the annual cycling event in New York. While Lidia care of event logistics purposes, he is to handle the marketing and legal aspects.
7. How do you and your friends will be split between the private and corporate interests?
Business is business, friends are friends. Maybe you have heard expressions like this.
The most vulnerable when working together with friends or relatives in the business are not aware of the limits of personal relationships with business partners. Maintain your professionalism even though you are working with people who are very close to you personally. Make such agreements do not talk about work at dinner, and do not bring personal problems while in office except for emergencies.
8. How would you evaluate the performance of your partner?
Even though your partner is a friend of himself, still evaluating the results of their work at regular intervals. If this is difficult with regard to your personal relationship with him, submit the matter to a third party.
Not that you should not trust him, but do not always trust a hundred percent. You will be disappointed later.
9. If not, what would you do?
Consider what might happen if one of you wants to leave the company. How will you handle your partner shares that out? Who will take over the responsibilities left behind? What would you do to save the relationship the two of you personally?
10. Like what you and your successors?
Even if you plan to survive in the end, you have to prepare your successor. As the saying goes, save a penny a day for a rainy day. Saving for a day of mourning. Often successor plan failed due to events or calamities unpleasant.
However, you should really set your router to mature. Do not let you board the plane with a pilot who has not learned how to land the plane.
TEAM = Together Everyone Achieves More
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