Why So Many Small Business Partnerships Go Bust….

Small business still drives America.  They manufacture, offer care, offer business support services including transportation, remodel our homes, inspect our homes and so much more.  Many of these businesses have multiple owners.  Unfortunately, many also end up embroiled in controversy and the partners go their separate ways.

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This Blog Posting takes a look at why that happens so much.  Who knows, maybe it will help to strengthen current partnerships and eliminate others before they get started down the road of trouble.

I.  Lack of Shared Goals

Yes businesses have goals like humans do.  These goals must be shared by the partners.  One who has a focus on long-term enrichment and contribution to community is not going to be compatible with the one in search of an immediate income supplement.  Talk to one another openly and check the “shared goals” meter with openness and honesty.

II. Lack of Understanding of Corporate Dynamics

PIC - BUSINESS PARTNERSHIP SQUARE KIDS CALCUALTOROrganizations, especially new ones have to be built from the ground.  It takes some time for relationships and responsibilities to mesh together.  Those who do not understand this reality, and who may refuse to try and understand the internal dynamics of a corporation and its moving parts may be impatient at progress.  The result, the partnership will be in jeopardy of not being able to hold itself together fast.

III.  Non-Acceptance of the Teamwork Concept

Stories abound about partners for whom special allowances were made.  Some were allowed to stagger in their investment obligations over many months and sometimes longer.  The minute they decided to walk away due to some personal dissatisfaction or personal need, they demanded an investment return immediately and in full.  That’s right, no regard for the patience extended to them.  Kind of makes you think of the Biblical passage about the man who had his debt forgiven and then refused to extend the same courtesy to another with dire consequences.

This happens often.  The lesson?  Partnerships should involve lots of conversation and there should be an obvious chemistry that unites all parties.  Dominant qualities and personality traits should include competence and strong intellects, but equally important are patience, vision, discernment, personal and professional maturity with seasoning and a deep understanding of what it takes to build a new venture and make it work.

All must also appreciate the value of internal organization and fight for it!  Greed must be abandoned and if not it will cloud the judgment of those who practice it.

Partnerships will continue to fail.  Perhaps not so often with the right ingredients at work.

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Love to hear your thoughts.

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Another Blog Post from the minds of Direct Care Training & Resource Center, Inc. and its Chief Executive, Bruce W. McCollum.  Join us for a monthly podcast, Direct Care Training & Resource Center on ITunes.

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Photos and other images used are for the sole purpose of complementing written material and are not designed to imply or suggest an affiliation with or support by any individual or organization.  Each person referenced in this Blog received care as part of a signed agreement that allows their names and certain limited information to be used in marketing controlled by Bruce McCollum to avoid violations of HIPAA laws.

 

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