6 tips to avert a conflict crisis with a business partner in your start up!

New business ventures are exciting! You have a fantastic idea, service or product that you are absolutely convinced will make you a millionaire or change the world! You believe in it so much, you can’t imagine that anything could stop you or your grand plans from coming to fruition or failing!

But here’s the thing…

You want a partner with you on the journey. And maybe you have someone in mind you’ve recently met or you’ve worked?with in a previous business.?

But before you jump in with eyes wide shut, overtaken by the thrill of your new business, there are some serious considerations to evaluate first. …Unless you want your venture to be over before it’s even begun or for it to end up in a costly business divorce.?

There are so many challenges to navigate as you get the business off the ground.?If you can mitigate the risks of one escalating with your business partner, you have one less hurdle to overcome.?

Here are six areas that create an environment ripe for conflict if they are overlooked.?

1. Shared Vision and Values: Before ‘getting into your business bed’?with someone you don't know well, do your due diligence and ensure that you both share the same vision for the business and are aligned on your fundamental values. Our values are our guiding steer and form the basis of our belief system. If you and your partners are misaligned, it wouldn’t be surprising if your views and decisions will be too.
2. Clarity on Roles and Responsibilities: Define and agree on each co-founder's roles and responsibilities from the outset to avoid confusion and potential overlaps in areas leading to frustration and friction. Discuss where your strengths and expertise lies. Stepping on each other's toes can be a surefire way to trigger a conflict?
3. Financial Transparency: if you are bootstrapping and have no plans to seek investment, be transparent about each co-founder's financial contributions and expectations, as disagreements about money can quickly strain relationships.
4. Trial Period: Consider a trial period or a smaller project to test how well you work together before fully committing to a long-term partnership unless you have worked together before. However a word of caution. Remember that working for someone else is a breeze compared to running your own business as the challenges and the responsibilities that come with it can be stressful, triggering and frustrating.
5. Communication: Establish clear and effective communication channels and agree on how to address issues constructively. Disagreements are normal and sometimes even healthy, but how they are managed is crucial and can make or break a partnership.
6. Long-term Commitment: Ensure that both partners are committed to the venture and don’t view this as a side hustle and that they are in for the long haul. Otherwise this will create frustration when one partner wants to dedicate less time and energy into the business.?

Remember that starting a business is a significant endeavor, and choosing the right co-founder is crucial to its success. Take the time to get to know each other's working and communication styles, values, and commitment levels before making a formal partnership agreement.

And if you have an ounce of apprehension or inkling that something feels off, your gut instinct is probably right. And often that’s the best indicator to take heed before you get burned!?

Nicole Posner is a conflict consultant supporting rapid growth Small Businesses prevent and navigate conflict to create a harmonious and thriving business.

For further information please contact [email protected].

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