50% of marriages end in divorce. Some are bitter and ugly, others part ways cordial. In a sense, your business partnership is the equivalent of a marriage. If you’re looking to make this relationship last, take some tips from those failed marriages.
Be clear about each person’s involvement and expectations prior to bringing money into the relationship. Why? Because 95% of business partnerships end up dissolving. There’s much more legal red tape to sort through when ending a professional relationship. The best thing to do is to get it all in writing beforehand, to avoid any misconceptions.
What happens when you lose a partner and a source of the business’ production? The show must go on. Click here to allow Professor Savings to teach you how to make financial contingency plans for the worst case scenario.