While being in a business partnership can be highly rewarding, no amount of success can be had unless all parties involved are transparent and on the same page before starting.
I have been co-CEO of BIGGBY COFFEE® with my partner, Bob Fish, for more than twenty years, and he is one of the most important people in my life.
Our relationship has been highly productive, largely because we were very clear about our differentiation of roles going into it. We know exactly who’s going to do what, we execute, we come together on a regular basis and update each other in relation to our responsibilities and then go back to work. No more. No less.
I wanted to dive into something I didn’t spend time on in the book—the 20 most important questions—developed through decades of my own personal experience—for facilitating an open and honest conversation with your business partner(s).
Remember! For the best possible results, discuss these 20 questions before beginning your business endeavor:
By using these questions as guidelines to learn as much as possible about your business partner(s) and their business sense, you will feel more confident and prepared to embark on your journey through entrepreneurship.
It’s important to note that, once your business partnership is underway, leave each other alone outside of your regular update meetings. Don’t meddle in each others’ business. Bob and I have done this for more than two decades, and it has worked out really, really well.
That’s my take on business partnerships. I hope you find it useful.
For more advice and anecdotes on how to start and run a successful business, order my book, Grind: A No-Bullshit Approach to Take Your Business from Concept to Cash Flow.