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Partnerships are like aircraft. The only ones you hear about are the ones that crash. I keep telling business owners this because when I say to them that getting into a partnership or combining their business with someone else may be a way to grow their business or exit their business, they tell me “I'm not getting into a partnership, they don't work.”

Partnerships can work if you go about things the right way. I know that because I was in a very successful partnership some years ago and this podcast is an interview with the partner I had at the time. We discuss why our partnership worked and how you can make a partnership work for you.

A partnership can be a great way of growing a business and selling it. It can also be a good way to transition out of a business and sell it over time to the partner.

You need to do some work upfront and get to know each other and choose the right partner. Then there are some fundamental things that we recommend you do to help the partnership be successful so listen to my former business partner and very good friend Peter Bangle from Investors In People as we discuss how to have a successful partnership.
Want a comprehensive checklist of things to discuss and agree with existing or potential business partners - GET PARTNERSHIP CHECKLIST HERE.

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