Partnership Pitfalls: When everyone is in charge, no one is in charge.

So… you and your best friend, brother, or spouse want to go into business together? Of course, you agree on everything right now, but what happens when you don’t? In many cases being realistic and pragmatic can be the kindest, most loving thing you can do for your partner and yourself.

We asked our very own Maine SBDC Business Advisor Chris Cole to speak to what happens when partnerships break down based on her experience from an employee’s point of view and as a co-owner of a business. 

Part 2

An Employees’ Viewpoint:

Partnerships can consist of a financial backer with a skilled partner, people who have complementary skills, multiple members with equal abilities, spouses, family, or friends.  With any of these scenarios, there should be a clear understanding of the roles and responsibilities of each partner. Read More

Partnership Pitfalls

So… you and your best friend, brother, or spouse want to go into business together? Of course, you agree on everything right now, but what happens when you don’t? In many cases being realistic and pragmatic can be the kindest, most loving thing you can do for your partner and yourself.

Our very own Maine SBDC Business Advisor Chris Cole has personal experience with a scenario that ended very differently than she thought it would. Over the course of the next month, we’ll be sharing a 3-Part series exploring the pitfalls of partnership and how you can protect yourself and your business.

We asked Chris to speak about what happens when partnerships break down based on her experience from an employee’s point of view and as a co-owner of a business. Read More