Four Keys to Making Your Partnership Work

Four Keys to Making Your Partnership Work

November 4, 2014

by Beverly Flaxington

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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

I often come across excellent resources in our industry with particular strengths. Lisette Smith and her partner, Tanya Rapacz, of The Partnership Resource are experts at helping partners work together more effectively. For this week’s column, I asked them to respond to questions from readers struggling with partnership issues.

My partner and I merged our practices about a year ago. It seemed like a great idea that would take us to the next level, but I’ve become frustrated with some of his ideas and work habits. We still get along but the tension is growing. I’m starting to think this merger was a mistake.

Partnership conflict is inevitable. It is important to be proactive when you feel tension. Here are some ways to make your partnership stronger, more resilient and better able to conquer the challenges of building a successful practice.

Great partnerships are invaluable to building a sustainable practice. Higher-growth firms are much more likely to have partners at the helm. While there are clear benefits to being in a partnership, it is important to be prepared for the added complexity and to take the necessary steps to keep your relationship strong and resilient.

The Partnership Resource works with business partners to resolve conflicts that affect the management, growth and value of their business from formation to succession. They serve as the leading resource for the best research and ideas on all aspects of business partnerships.

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