Nina Kaufman, Esq., Founder, Ask The Business Lawyer/The Legal Edge LLC
As a business attorney with experience participating in partnerships, I have advised many entrepreneurs about the process and can say without hesitation that there’s much more to successful business pairings than merely intuition. Just because you’re great friends or you’ve collaborated on a project or your inner voice is telling you to go for it, you’ve got to realize that casually getting along is VERY different from running a business together. Too often entrepreneurs, and especially women, don’t go through the steps of creating a partnership agreement and exploring whether they would truly be able to manage employees, balance books, find customers, agree on a logo, and still speak to each other at the end of the day. But taking time to write down the who, what, why and where of how you’re going to work together is the very exercise that can help you uncover the difference between business compatibility and best buddies. Don’t skip it!
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