Business partnerships tend to start with a lot of enthusiasm. Two business owners hit it off, see an obvious overlap, and agree to work together. Then, months later, one of them is doing most of the work, the money is awkward, and nobody quite knows how to end it.
Good partnerships can be enormously valuable: bigger projects, new audiences, shared costs, better results for clients. The ones that last usually have a few things in common.
Start with trust, not just opportunity
The best partnerships grow out of relationships, not one exciting conversation. Before committing to anything significant, get to know how the other person works. How do they treat clients? Do they meet deadlines? How do they handle problems? A small project together first is a great way to find out.
Make sure it’s actually a fit
- Complementary, not identical. The best partners bring something you don’t.
- Compatible standards. If one of you is meticulous and the other is “good enough,” clients will feel it.
- Similar values. How you each think about clients, pricing, and quality matters more than it seems at the start.
- Aligned goals. If one partner wants to build something big and the other wants a side project, friction is coming.
Put it in writing
This is the step people skip because it feels awkward or unnecessary between friends. It’s the most important one. At a minimum, agree in writing on:
- Who does what
- How money is handled and split
- Who owns what: clients, content, intellectual property
- How decisions get made
- How either of you can exit, and what happens then
For anything significant, like a joint venture or shared business, have an attorney help. A clear agreement doesn’t signal distrust. It protects the relationship.
Communicate more than feels necessary
Most partnership problems start as small things nobody mentioned. Regular check-ins, even short ones, catch issues early. Talk about what’s working, what isn’t, and anything that feels off.
Keep it fair
Partnerships go sour when one person feels they’re giving more than they’re getting. Revisit the balance periodically. If things have shifted, adjust the arrangement rather than letting resentment build.
Know how to end it well
Not every partnership is meant to last forever, and that’s fine. Projects end, businesses change direction. A partnership that ends cleanly, with the relationship intact, is still a success.
Where good partnerships start
Most good partnerships start with business owners getting to know each other over time. WEN Round Tables are a good place for that. On Thursdays in the WEN Facebook group, members share who they’d love to collaborate with. Related reading: Why Collaboration Creates Bigger Opportunities.
