Each partner should know up front how to move on if the partnership is not working out. Obtain a firm commitment of resources from all partners. The partnership must clearly define who pays for what. Have a clear plan for hiring, training, and retaining key employees. This issue addresses the use of employees of the partner firms versus new hires.
Many partnerships fail due to faulty business plans.
Placing facilities before identifying sales, marketing, and customer acquisition is dangerous, at best. Competitive ventures must be handled differently. Rachel Brown is a Baltimore-based freelance writer specializing in technology and telecommunications. The Word from the States Advertising Info.