A friend called and needed some advice regarding his business partner. As we talked, I realized a business partnership is much like a marriage.
The business itself provides a common bond of commitment, much like children do in a traditional marriage. Investing significant time and shared passions with someone usually results in deep relationships. In many cases, business partners spend more waking hours with each other than they do with their spouses.
Like any committed relationship, business partnerships have a life cycle.
The beginning is similar to the honeymoon stage. Each partner is filled with hope and excitement. As they begin to taste success, gratitude and appreciation develop. As they overcome challenges together, the relationship matures and trust and loyalty are formed.
As time goes on, stagnation may set in. They lose sight of their goals and begin to take each other for granted. As communication breaks down, they cannot see things from the othersโ perspective. It becomes hard to visualize the value of the relationship, and itโs easy to blame the other. Feelings of resentment and anger may set in.
This is a critically important time in the partnership. The partners must find a way to energize the business or dissolution is inevitable. Dissolution can be similar to divorce, and many of the emotions are the same.
For a partnership to be successful, you have to start with the right people. They both must be committed, for better or worse. Good communication is critically important. Each partner must make concessions and resist taking the other for granted. They must possess empathy to see things from the others perspective. There is no room for ego here. Each partner must be humble enough to admit they are probably contributing something to the problem. They should strive to make internal improvements before casting blame on the other.
If you are having problems with a business partner, maybe a marriage counselor can help?
