Some studies report as many as four out of five business partnerships end in failure, Matthew McManus, co-founder and CEO of Kilt Studios, writes for Huffington Post.
Mr. McManus says, from his experience, there are still a few ways to be among those infrequent successful partnerships. He offers these five tips:
1. Be open to the idea that the obvious choice doesn't always make the best partner
"It's not always your lifelong friend that makes the best business partner."
2. Look for "dynamic tracking" as a type of talk therapy
"Having similar personalities isn't always a business benefit."
3. Make sure the passion matches
"Just like in a marriage, if one partner is bringing more to the table than the other, issues emerge. This is not about doing things 50/50. This is more about both partners bringing 100 percent to the table, every day."
4. Seek respect first over friendship
"This gets tricky for many partnerships. It's not that friends can't be partners. It's simply that respect has to be the number one driver of the relationship. That way, the tough conversations can be had without the emotion."
5. Seal the deal in ink
"Last but certainly not least, take care to solidify your business partnership terms in writing. Handshake deals simply don't work."
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