10 Lessons from 98 Business Partnerships: How to Build Successful Collaborations
| March 15, 2025
Introduction
Today is a big day—I’m entering into a new partnership. As I reflected on this milestone, I realized I’ve had 98 partnerships in my business journey. Each one taught me something valuable, and today, I want to share the 10 key lessons I’ve learned about building successful partnerships. Whether you’re a seasoned entrepreneur or just starting out, these insights can help you create lasting, fruitful collaborations.
1. Chemistry is Key
Building a partnership is like building a relationship. It’s essential to have chemistry. You need to enjoy working together, share a sense of humor, and have fun. Too often, people focus solely on the practicalities of business and overlook whether they genuinely enjoy the process. For me, the people I work with are the most important factor in enjoying a business. So, before diving in, ask yourself: Is there chemistry? Do we like each other? Will this be fun?
2. Alignment Around Moral Code
One of the biggest lessons I’ve learned is the importance of aligning with your partner’s moral code. In the past, I’ve had partnerships fail because of misaligned values. One of my most successful partnerships was with Helen Griffiths. We started Fluid together, and what made it work was her unwavering commitment to putting others first—whether it was paying suppliers or prioritizing her team’s needs. Understanding your partner’s core values is crucial for long-term success.
3. External Validation
Before entering a partnership, seek external validation. Have someone you trust, who understands your style and strengths, validate the potential partner. This can help ensure compatibility and alignment. For example, I brought Helen along to meet my new potential partner, Simon, to get her perspective. External validation can act as a small bench test to confirm if the partnership is the right fit.
4. Define Job Roles Clearly
One of the most common pitfalls in partnerships is unclear job roles. It’s essential to define who is responsible for what. For instance, in my new venture, I’m stepping back from the driver’s seat and letting Simon take the lead. This clarity prevents confusion and ensures everyone knows their responsibilities. If roles aren’t defined, the partnership can quickly go off track.
5. Love the Idea Together
Passion for the idea is crucial. Both partners need to be equally excited about the business concept. Simon and I share a deep passion for our new venture, and that shared enthusiasm is a strong foundation for our partnership. If the idea is bigger than both of you, it’s more likely to succeed. Remember, it’s about the idea, not the individuals.
6. Flush Out the Long-Term Plan
Having a detailed long-term plan is essential. Will the business be global or local? How will profits be reinvested? These questions need to be addressed early to avoid conflicts down the line. In my experience, disagreements over long-term strategy have been a major source of friction. A clear, well-thought-out plan can prevent these issues.
7. Complementary Skills
Ideally, partners should have complementary skills. For example, in my partnership with Helen, she excelled in design while I focused on sales and marketing. This division of labor allowed us to leverage each other’s strengths. Even if partners have similar skill sets, it’s important to delineate roles to avoid overlap and conflict.
8. Get the Equity Structure Right
Equity is a sensitive topic, but it’s crucial to get it right. I prefer a 50/50 split to ensure equality, but this only works if both partners contribute equally. If one partner is doing more work, the equity structure should reflect that. Over time, equity can be adjusted to reflect each partner’s contribution. The key is to be fair and flexible.
9. Resolve Disputes Effectively
Disputes are inevitable in any partnership. The key is to have a plan for resolving them. Understanding each other’s communication styles and personality types can help. Additionally, having an independent board member or mediator can provide impartial advice. Building a relationship with your partner’s significant other can also offer valuable insights into how to communicate effectively.
10. Communication is Key
Finally, communication is the foundation of any successful partnership. Regular check-ins, whether it’s a weekly walk or a monthly lunch, can help keep the lines of communication open. Don’t take your partner for granted—address issues, big or small, as they arise. Effective communication can prevent misunderstandings and strengthen the partnership.
Conclusion
Building a successful partnership takes time, effort, and patience. These 10 lessons, learned from 98 partnerships, can help you navigate the complexities of collaboration. Remember, it’s not just about the business—it’s about the people you work with. If you have any insights or experiences to share, I’d love to hear from you. Let’s continue to learn and grow together.
10 Lessons from 98 Business Partnerships: How to Build Successful Collaborations
| March 15, 2025
Introduction
Today is a big day—I’m entering into a new partnership. As I reflected on this milestone, I realized I’ve had 98 partnerships in my business journey. Each one taught me something valuable, and today, I want to share the 10 key lessons I’ve learned about building successful partnerships. Whether you’re a seasoned entrepreneur or just starting out, these insights can help you create lasting, fruitful collaborations.
1. Chemistry is Key
Building a partnership is like building a relationship. It’s essential to have chemistry. You need to enjoy working together, share a sense of humor, and have fun. Too often, people focus solely on the practicalities of business and overlook whether they genuinely enjoy the process. For me, the people I work with are the most important factor in enjoying a business. So, before diving in, ask yourself: Is there chemistry? Do we like each other? Will this be fun?
2. Alignment Around Moral Code
One of the biggest lessons I’ve learned is the importance of aligning with your partner’s moral code. In the past, I’ve had partnerships fail because of misaligned values. One of my most successful partnerships was with Helen Griffiths. We started Fluid together, and what made it work was her unwavering commitment to putting others first—whether it was paying suppliers or prioritizing her team’s needs. Understanding your partner’s core values is crucial for long-term success.
3. External Validation
Before entering a partnership, seek external validation. Have someone you trust, who understands your style and strengths, validate the potential partner. This can help ensure compatibility and alignment. For example, I brought Helen along to meet my new potential partner, Simon, to get her perspective. External validation can act as a small bench test to confirm if the partnership is the right fit.
4. Define Job Roles Clearly
One of the most common pitfalls in partnerships is unclear job roles. It’s essential to define who is responsible for what. For instance, in my new venture, I’m stepping back from the driver’s seat and letting Simon take the lead. This clarity prevents confusion and ensures everyone knows their responsibilities. If roles aren’t defined, the partnership can quickly go off track.
5. Love the Idea Together
Passion for the idea is crucial. Both partners need to be equally excited about the business concept. Simon and I share a deep passion for our new venture, and that shared enthusiasm is a strong foundation for our partnership. If the idea is bigger than both of you, it’s more likely to succeed. Remember, it’s about the idea, not the individuals.
6. Flush Out the Long-Term Plan
Having a detailed long-term plan is essential. Will the business be global or local? How will profits be reinvested? These questions need to be addressed early to avoid conflicts down the line. In my experience, disagreements over long-term strategy have been a major source of friction. A clear, well-thought-out plan can prevent these issues.
7. Complementary Skills
Ideally, partners should have complementary skills. For example, in my partnership with Helen, she excelled in design while I focused on sales and marketing. This division of labor allowed us to leverage each other’s strengths. Even if partners have similar skill sets, it’s important to delineate roles to avoid overlap and conflict.
8. Get the Equity Structure Right
Equity is a sensitive topic, but it’s crucial to get it right. I prefer a 50/50 split to ensure equality, but this only works if both partners contribute equally. If one partner is doing more work, the equity structure should reflect that. Over time, equity can be adjusted to reflect each partner’s contribution. The key is to be fair and flexible.
9. Resolve Disputes Effectively
Disputes are inevitable in any partnership. The key is to have a plan for resolving them. Understanding each other’s communication styles and personality types can help. Additionally, having an independent board member or mediator can provide impartial advice. Building a relationship with your partner’s significant other can also offer valuable insights into how to communicate effectively.
10. Communication is Key
Finally, communication is the foundation of any successful partnership. Regular check-ins, whether it’s a weekly walk or a monthly lunch, can help keep the lines of communication open. Don’t take your partner for granted—address issues, big or small, as they arise. Effective communication can prevent misunderstandings and strengthen the partnership.
Conclusion
Building a successful partnership takes time, effort, and patience. These 10 lessons, learned from 98 partnerships, can help you navigate the complexities of collaboration. Remember, it’s not just about the business—it’s about the people you work with. If you have any insights or experiences to share, I’d love to hear from you. Let’s continue to learn and grow together.
