By k | October 12, 2017 - 6:00 am - Posted in New Business Development

When partnerships are being negotiated,
money is ALWAYS talked about,
how much money each partner
is willing to contribute
to the business.

One factor I’ve never seen negotiated
is TIME,
how much time each partner
is willing to contribute
to the business.

In my experience,
this is usually one of the biggest causes
of problems in a partnership.
One partner is working 24/7.
Another partner is working
part-time hours.

Mike Michalowicz
shares

“Talk with your partner
about how much
you are willing
to put into the company.

If you find out
you’re both willing
to volunteer different amounts,
that’s okay.
But be sure to maintain
full transparency in this.

Again, documenting
and setting specific metrics
for what you’ll give
can help prevent
bitterness and peer pressure
down the line.”

Time contributions
are as important as money contributions.
Talk about this
before finalizing a partnership.

This entry was posted on Thursday, October 12th, 2017 at 6:00 am and is filed under New Business Development. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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