The Pros & Cons of Business Partnerships

The pros and cons of a business partnership explained. Being 50/50 across the board can leave you down and out on decisions. Don’t let this happen to you!

Video Transcription

Sunshine? Do you and your partner have a 50/50 split?

Crystal: Welcome to The Love of Business. I’m Crystal.

Sunshine: And I’m Sunshine. Let’s get to it.

Partnerships? They sound like they can be a little tricky?

Crystal: Business partnerships very well can be.

Sunshine: So, I’m assuming you’re going to give us the best advice on partnerships, pros, cons, when they should be 50/50, when they shouldn’t be?

Crystal: That’s right. So, let’s talk about the pros and cons of a business partnership. A pro could be that you have a collaborator, someone who is on your team that maybe has a different skill set than yours, that will complement your skill set. Another pro is that you have another person for a sounding board. So, you can think out of the box with someone else’s viewpoint.

Now, let’s talk about cons. Here’s the thing about business partnerships, they’re similar to marriages. 50% or more do not last, and divorce or dissolve happens. Now, that’s a con. But it’s really important here that instead of being 50/50 in decision making, have one person be 60 and the other person be 40. You can be 50/50 with the money. But when it comes to decision making, and if there’s a stalemate, then a decision and action will not take place.

Sunshine: Nobody wants a stalemate.

Crystal: That’s right.

Sunshine: You can always be 50/50 on the money. But somebody needs to have the upper hand with the final decision.

Crystal: That way you can keep growing and moving the business forward.

Sunshine: What’s your number one takeaway from today’s video? Leave us a comment. And thanks for watching.

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Crystal Shanks

Crystal Shanks, Certified Business Coach and CEO of Run Right Business Consulting, has been coaching business owners and executives around the world to achieve optimum results since 2009. Coach Crystal teaches her clients proven strategies to build thriving businesses and careers. She has worked with thousands of businesses and executives to generate substantial revenues and maximize profits.