20: The Benefits and Challenges of a Business Partnership

<p>A business partnership can be daunting to some—and to others, it’s their means of being able to own a Franchise in the first place. Do you know where you fall on the spectrum? Are you open to a partnership or actively looking for a partner? In this episode of Franchise Secrets I talk about some of the challenges in navigating business partnerships but some of the immense benefits as well. If you’re interested in my journey in the world of franchising you’ll learn all about it in this episode.</p> <h2>Outline of This Episode</h2> <ul> <li>[0:35] What my first partnerships looked like</li> <li>[5:55] Working as an area developer and franchise consultant</li> <li>[9:00] Work as a franchisee and challenges that ensued</li> <li>[16:20] What I’ve done when things don’t go as expected</li> <li>[19:55] How to structure partnership groups</li> <li>[23:45] <em>Under-promise and over-deliver</em> on your partnership</li> <li>[26:20] Characteristics to look for in a partner</li> </ul> <h2>Develop <em>who you are</em> in your partnership</h2> <p>My first partnership was with my parents—and they were <em>hesitant</em> to be involved. I asked them to cover the closing costs for my first rental property with the promise of paying them back. I think they dove into it with me because they didn’t want to see me fail. I wanted to prove to them that I had the <em>drive</em> and <em>tenacity</em> to make this work. </p> <p>Through the process, I realized what my skills were and where I excelled. Marketing was a really good fit for me. Through the years I’ve honed and developed my strengths. I succeed when I can play the role of invest and advisor. Where do your strengths lie? Would a partnership with someone who complimented you be a good fit? </p> <h2>Some important takeaways that I’ve learned about a business partnership</h2> <p>I’ve been an area developer, a franchise owner, and a consultant—I’ve had years of practice in my many different hats. I enjoy partnerships and have found them to be extremely effective for what I like to