Tuesday, 29 June 2021
If you come together with someone or some persons to start a business venture either as partners or co-founders, please make sure that the duties and responsibilities of each person are clearly highlighted.
That’s a brainer and everyone knows, yes, but document it with all parties having their copies of it.
However, there is something very important to consider. Agree and state clearly from the ONSET what will happen if any partner fails to meet up with their own duties and responsibilities.
Too many brands are suffering because, the workload and burden of building are left on a particular partner(s) while the other(s) carries on with the tag of partner, co-founder, director, etc and expects full rights and privileges.
Keep friendship and whatever aside and spell things out clearly.
If necessary, go solo until you find (if you must) the right and suitable partner to roll up sleeves with you.