How to Make Your Partnership Work
Eight women entrepreneurs share their strategies.
By Christine Van Dusen
Eileen Turcotte, co-founder and president of Computer Investigative Associates (Boston):â¨
Make sure you have complementary goals and work styles.â¨
Set up good legal agreements that spell out what is expected of each partner.â¨
Be willing to be wrong and to compromise.
Gina Branch, owner and realtor for Realty Revolution (Plano, Texas):â¨
Do detailed planning up front.â¨
Consult with an attorney and CPA.
Get everything in writing.â¨
Proceed with caution.
Iris Salsman, owner of I. Salsman PR (Clayton, Mo.):â¨
Don’t let your personal or partnership drama infect your employees.â¨
Don’t let it pass if you think you’re being taken advantage of.
Karen Mathews, president of Karen Mathews & Associates (Santa Clara, Calif.):â¨
Align your goals and values.
Even if you’re friends, don’t assume that you don’t have to define the terms of your partnership.â¨
Speak up right away when something doesn’t feel right.
Michele Ellie Ahi, president of technology for FriBay.com (Los Altos, Calif.):â¨
Trust is crucial.â¨
Take your time to check out your potential partner’s references, and ask lots of questions.
Ceil McCloy, co-owner of Integrated Science Solutions (Walnut Creek, Calif.):
Define clear roles and responsibilities.â¨
Set goals and make sure they mesh.
Tiffany L. Lymon, chief executive for Mind Over Money Strategies (Baltimore):â¨
Know your strengths and weaknesses, work habits and non-negotiables.â¨
Set up a clear exit plan.
Adelaide Fives, co-founder of In Good Company Workplaces (New York City):â¨
Own your flaws and mistakes.â¨
Commit to your partner.
Make sure the partnership gives you more than it takes from you.
June 19th, 2017
January 18th, 2017
January 4th, 2017
November 20th, 2016