CERTUS just celebrated its 10th Business Anniversary last week with a blow out networking event that welcomed more than 250 of Denver’s finest professionals. What a blast… CERTUS has finally made it! Or have we? We’ve certainly come a long way baby and it hasn’t always been easy. The first time we celebrated our anniversary was at about the 4 year mark and we had 22 amazing professionals join us for the event. So sure, we’ve come a long way but we are ready for so much more.
When first starting out in business or trying to take a business to new heights, it’s easy to get caught in the trap of trying to do it all on your own. Some of us think, “If it’s going to get done and done right, I’m going to have to do it myself.” We think we can do it all effectively if we just work harder and with greater fury, but there are only so many hours in a day. There are easier, more effective and even profitable ways to build a business that aren’t as hard and as exhausting as it can be when going it alone.
I often write and talk about the great impact collaborative partners can have on a business by providing a steady stream of ready-to-buy clients. A collaborative partnership occurs when two or more businesses or professionals come together, often times informally, to refer customers to one another. A great illustration of a collaborative partnership is that of a realtor, mortgage broker and inspector teaming up to offer a turnkey solution that serves one another’s customers. A collaborative partnership can impact a business significantly.
Another partnership type can have a monumental impact on a business and that is a Business Partnership. This occurs when a company formally brings a “business partner” or co-owner on board to play a lesser, equal or greater role in the business as compared to the owner. There are great benefits to bringing in a business partner.
- Higher skill set and knowledge that is varied or complimentary becomes available.
- Renewed inspiration, fresh ideas, perspectives, out-of-the-box thinking to create new or improve existing programs, products and services.
- Shared responsibility to work smarter, more efficiently and increase output.
- Boost exposure and market share with new, established connections and relationships coming to the organization.
- Focus and concentration in areas of the business that each partner is most proficient.
- Sounding board and support of one another and working together toward a common goal.
- Revenue sharing increases as the business grows and expands.
There is no doubt that these are all great benefits! Comment below and let me know what additional benefits you would add to this list.
While the benefits to a business partnership are great, there are also risks. For example, each partner becomes liable for the actions of the other, revenue is shared as is any debt incurred, and there can be disagreements between partners so flexibility is necessary. This makes it critical to anticipate the risks and have contracts in place to thwart them or protect both parties from their impact.
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