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How to choose your partners?

Business Management

· News

To create a new structure or to develop an existing one, associating is not trivial. But the difficulty lies in finding the right partner (s) with whom we will grow. One of the great causes of failure is, precisely, the conflicts between co-founders. How to choose the partners of your company? Read our advice.

First, think about what this collaboration can do for you.

Together we are stronger.

Provided you have a common vision and mutual trust. It is a foundation of any association. Indeed, you must be able to separate your tasks and leave full autonomy to your partners to move faster. Also, it is important that your associates are present in the most difficult times and support your idea. Do not be in a hurry! Trust is earned and takes time, to know your fellowmen.

A company management requires its founder to make important decisions every day. Some choices deserve to be discussed and a reflection with several, additional exchanges, concerted decisions can be more reassuring. It is essential to ask ourselves if we are done for multi-work. Will we be able to share successes, so benefits, but also failures? Before you start, think about answering this essential question: why join together?

The skills complementarity will make you more efficient.

An entrepreneur can not have all the skills necessary for the sustainable development of his company. Joining with complementary profiles will allow you to define a role for everyone and work more effectively. In a company, there are three essential functions: the contractor, the manager and the technician. Experts agree that the synergy of skills plays a major role in an association. The larger the skills, the better the potential for success of the start-up. It is better to have different profiles and skills.

It also happens that similar profiles come together and that it pays off, as long as everyone specializes in well-defined tasks. The fact that two associates are doing the same job may be detrimental to the organization. The more the founders are specialized in a specific area, the more the relationship between them is simplified.

Well prepare the association.

Some aspects need to be addressed before setting up the association in order to avoid any subsequent blocking situation. We can cite, for example, the distribution of capital, the role and responsibilities of each and the remuneration.

• The capital distribution

When a new partner joins a company already created, this can lead to a change in the structure of the share capital. Either the latter remains unchanged and the founder allocates part of his shares to the new entrant; the company carries out a capital increase, the new partner then injecting new capital. In both cases, providing for a fair allocation of shares will not harm either partner.

• The role and responsibilities of the partners

Each partner must precisely define his field of intervention so as not to encroach on the prerogatives of the other.

• Compensation

Even if, at the beginning of the activity, the partners do not plan to pay themselves, the remuneration must be discussed beforehand. As for the distribution of shares, it is complicated later to modify an already approved remuneration. Different criteria can be taken into account to determine this remuneration: the qualification of the partners, their responsibilities, the working time granted to the start-up, etc.

The keys to a winning association.

The main quality is first of all to use common sense. Thus, in order to properly choose future collaborators, it is important to take the time to reflect. Make sure you know the personality of the future partner, check that everything is clear about its legal and commercial capacity, the value of its heritage, past experiences, etc. The essential is also to share a common vision of the company, to have compatible working methods and to show ambition for the development of the company.

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