Business partnerships can be a source of tremendous strength, strategic advantage, and fun—if attended to and cared for properly. Here are my top ten tips for making business partnerships work:

1. Know the purpose. What is the higher goal that both of you are invested in, that brings you together in the first place? Having a clear purpose strengthens and energizes partnerships, and guides you when times are tough.
2. Know your strengths and weaknesses. What tasks are you each best at? Worst? How do you complement each other? Where might you both need help and how will you get it?
3. Know the market. What is the going rate for the contributions each of you is making? Do you both perceive your arrangement to be fair and equitable?
4. Set clear expectations. What does each of you bring to the table? Who is responsible for what? How will you work together?
5. Establish how you will make decisions. For each type of decision, define who is responsible; who has veto/approval power; who simply needs to be informed and who needs to provide what support.
6. Follow the ‘no festering’ rule. It’s not conflict that kills a partnership. Conflict is inevitable. Letting unresolved disagreements fester can kill your relationship. Agree to bring up issues as soon as you notice them, and to set aside time to talk no matter what.
7. Be honest with yourself and your partner. If you have an issue, raise it. If you see a challenge, name it. See ‘no festering’ rule above.
8. Go for the ‘win-win.’ Keep working the inevitable challenges until you find solutions that both of you feel positive about. To have one party win and another lose in any argument/situation can breed resentment.
9. Check in on the state-of-the-union. Set a schedule, perhaps quarterly, to review how you’re working together, how well you’re meeting the purpose of the partnership, and what’s next for you together.
10. Have fun! Remember why you agreed to work together, and enjoy!