SHE SAID
HE SAID,
SECRETS FOR
MAKING BUSINESS
PARTNERSHIPS LAST.
by Kristen Hampshire
10 • COSE Update • NOVEMBER 2011
You’ve heard this story before. Two enterprising individuals come together; they’re wild about each other and the possibilities. Now
the future looks brighter (and less lonely).
The sales potential will surely eclipse what
one could produce as a solo shop. There
are endless possibilities—more market
share, global expansion, you name it.
That’s dating for you. Then comes commitment and the initial thrill of something
new and promising. Sure, many times the
relationship thrives and the partners find
success. But that’s when proper strategic
planning precedes the formal partnership
arrangement. Happy partners have a prenup in the form of a solid, legal partnership document that defines expectations,
outlines who does what and sets rules for
getting out of the relationship.
Without “the talk” before partnership,
the chance of a blowup and eventual
breakup down the road is really quite
high. Marilou Myrick, a leadership
performance coach who conducts a fair
amount of mediation among teams,
boards and individuals, likens bringing
on a partner to hiring an employee in this
way: “So many times, we hire people for
what they have done, then we fire them
for who they are,” says Myrick, president
of The Stage and founder of Hug an
Eccentric™. “What is different about
you is what draws you together—and that
can eventually lead to trust issues or not
understanding one another.”
In particular, entrepreneurs are often
misunderstood, Myrick says. “Innovators,
entrepreneurs are wired differently, and
that can be perceived differently in terms
of their quick-thinking action orientation,
which can be interpreted as impulsiveness.”
