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<h1 class="sc-AxjAm jJEXIx newsletter__title h1">Today’s 5 Must Reads</h1>
<p class="sc-AxheI jzWbvJ newsletter__subtitle p">These are the Inc. posts you can’t miss before the day is done</p>
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logo * Newsletters * Subscribe * * Login * navigation logo Combined Shape STARTUP * Best Industries * Funding * Incubators * Business Plans * Naming * Home-Based Business * The UPS Store GROW * Strategy * Operations * Sales * Marketing * Customer Service * Franchises * Build LEAD * Conscious Leadership * Taking Care * Female Founders * Best in Business * Best Workplaces * Company Culture * Public Speaking * Hiring * HR/Benefits * Productivity INNOVATE * Creativity * Invent * Design * Pivot TECHNOLOGY * Cloud Computing * Social Media * Security * Data Detectives MONEY * Private Equity 50 * Exit Interview * Personal Capital * Bootstrapping * Crowdfunding * Venture Capital * Borrowing * Business Models * Personal Finance EVENTS * Upcoming Events * Inc. 5000 Vision Conference * Become a Sponsor BRANDVIEW * Cox Business * Deloitte * Intel * PPG * The UPS Store * Principal * Verizon Business * Whoop * Branded Content INC. 5000 * The 2020 US List * Inc. 5000 Regionals * Apply Inc. 5000 US SUBSCRIBE SUBSCRIBE * Watch * Guides Follow: * Group 5 * Group 3 * Fill 1 * Group 3 * Group 3 SUBSCRIBE * About * Staff * Columnists * Help Center Follow: * Group 5 * Group 3 * Fill 1 * Group 3 * Group 3 Top Stories Top Videos logo BEST WORKPLACES Awarding excellence in company culture Regular Rate Deadline: January 14, 2022 Apply Now Founders Project Chris Sacca Backed Her Fintech Before Other VCs Came Calling. Here's His Take on Building a Multibillion-Dollar Com... The Future of Work Why Your Next Hire Might Be a Former One: The Pros and Cons of Boomerang Employees Best in Business This Florida Company Repairs Homes--and Helps People Without Homes Rebuild Their Lives Technology Redfin CEO: 2022 Will Be a Big Year for Electrified Homes--and Entrepreneurs Should Take Note Taking Care What to Consider Before Mandating Boosters in the Workplace logo * Newsletters * Subscribe * * Login * navigation logo Combined Shape STARTUP * Best Industries * Funding * Incubators * Business Plans * Naming * Home-Based Business * The UPS Store GROW * Strategy * Operations * Sales * Marketing * Customer Service * Franchises * Build LEAD * Conscious Leadership * Taking Care * Female Founders * Best in Business * Best Workplaces * Company Culture * Public Speaking * Hiring * HR/Benefits * Productivity INNOVATE * Creativity * Invent * Design * Pivot TECHNOLOGY * Cloud Computing * Social Media * Security * Data Detectives MONEY * Private Equity 50 * Exit Interview * Personal Capital * Bootstrapping * Crowdfunding * Venture Capital * Borrowing * Business Models * Personal Finance EVENTS * Upcoming Events * Inc. 5000 Vision Conference * Become a Sponsor BRANDVIEW * Cox Business * Deloitte * Intel * PPG * The UPS Store * Principal * Verizon Business * Whoop * Branded Content INC. 5000 * The 2020 US List * Inc. 5000 Regionals * Apply Inc. 5000 US SUBSCRIBE SUBSCRIBE * Watch * Guides Follow: * Group 5 * Group 3 * Fill 1 * Group 3 * Group 3 SUBSCRIBE * About * Staff * Columnists * Help Center Follow: * Group 5 * Group 3 * Fill 1 * Group 3 * Group 3 Lead 6 STEPS TO CREATING A PARTNERSHIP THAT DRIVES STRONG BUSINESS GROWTH FINDING THE RIGHT BUSINESS PARTNER CAN BE LIKE FINDING A NEEDLE IN A HAYSTACK. FOLLOW THESE 6 STEPS TO START OFF STRONG AND BUILD SUCCESSFULLY. * Shape * * By Marissa Levin, Founder and CEO, Successful Culture@marissalevin Getty Images Years ago when I was seeking a partner to expand Successful Culture, a mentor/adviser told me that partnerships work out about 50% of the time. While he didn't cite any statistics, his own experience of building and selling about a dozen businesses, investing in dozens of businesses, and serving on the boards of many businesses was enough anecdotal evidence for me. Fast forward to 2018. This year I've partnered with 2 different partners in 2 separate entities, and both are set up for great success. I did have to kiss a few frogs along the way to find the right partner to grow Successful Culture. Finally, I realized that what I needed was right in front of me the whole time - one of my most trusted friends, with a complementary business model, with whom I have worked for 15 years. We've merged our businesses to create Successful Culture International, which has increased our range of services and capacity, and brought together 50 years of leadership and strategic consulting experience. With the other entity, which is now Women's CEO Roundtable, I sat on that dream for 7 years before I approached my partner to embark on a journey together. Almost 25 years of entrepreneurship (and lots of mistakes along the way) have taught me what businesses need in terms of effective leadership. For a business to grow, the founder must be open to bringing in support. There are just too many things for one person to oversee if they want to truly scale their business, and no one is good at everything. Here are 6 fundamental elements that will help all partnerships start off strong, and stay the course as the business grows. These also apply to partnerships you may launch with friends, which have their own unique rules to ensure success, as well as spousal partnerships, which introduce their own rules and challenges. 1. Alignment of Core Values. This is the single most important factor in any close relationship. Finding a partner that believes in what you believe in, and upholds the same standards, will be critical at every decision point in your business journey. 2. Long-term Shared Purpose. Why are you doing what you are doing? Where are you going? Partners must be aligned in their future visions regarding the direction of the company, and the impact they will make. 3. Complementary Strengths. The best partnerships include leaders who have different skill sets. You don't need another one of you. If one partner thinks big picture, and is the lead strategist, the other partner ideally will excel in operations and implementation. Your partner should fill in your gaps, and not simply add bandwidth. 4. Proactive, Intentional Communication. Even if your values, purpose, and strengths align, your partnership will struggle if you don't prioritize communication. Partners must feel comfortable talking about anything business-related. They must be willing to have difficult conversations. And, ideally they should have standing calls/meetings every week, in addition to the conversations that naturally occur during the course of the business day. This provides a dedicated time/space to address any topics that may be overlooked. 5. Scheduled Strategic Planning. In addition to scheduling weekly calls, partners will benefit from setting aside strategic planning sessions every 6-8 weeks to review the business progress against clearly defined goals. No facilitator is required. This is simply a block of time (4-6 hours) to take a breath, reflect on what the business has accomplished, discuss potential changes in direction, and set short-term goals that roll up to long-term goals. 6. Legal Documents. If you are going to partner, protect the business and both of you with a partnership agreement. No one expects a partnership to go south, but it happens. In addition, pre-determine the percentage split. Speaking from experience, and based on the guidance of the same adviser I referenced earlier, unless one partner is infusing a lot of capital into the partnership, consider a 50-50 split, rather than creating a situation where one partner is superior to the other. My adviser taught my partner and me the benefit of "standing shoulder-to-shoulder" which equally values both people, and doesn't make one partner feel "less." These 6 strategies can help any partnership start off strong and stay strong as the company grows. Values, shared purpose, strong communication, and strategic planning are a business's best building blocks. Get Inc.’s top posts straight to your inbox. Sign up here and you’ll receive Today’s Must Reads before each day is done. Jan 16, 2018 Like this column? Sign up to subscribe to email alerts and you'll never miss a post. The opinions expressed here by Inc.com columnists are their own, not those of Inc.com. Newsletter logo TODAY’S 5 MUST READS These are the Inc. posts you can’t miss before the day is done Sign Up INC. TOP ARTICLES PLAY Video Settings Full Screen About Connatix V143023 Read More Read More Read More Read More Read More Read More Is Your Business One of the Best Workplaces in the U.S.? Apply Now for Recognition in Inc. Read More Is Your Business One of the Best Workplaces in the U.S.? 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