As in any business, it’s critical for the partners to define the Vision and Mission of the venture as the very first step. If all brains aren’t going in the same direction in the same way, problems are bound to arise. The motives for each partner can be different. The overall objectives and methods, however, need to be the same.
Each person in the partnership has his own reasons for being in the partnership. Sometimes people seek a partner for capital, sometimes for expertise, sometimes for connections. These are not always expressed, yet they remain as an underlying expectation. If the expectation isn’t met, the relationship can become strained.
Because each person’s expertise, motivation and personality are different, it’s important to have this discussion before anything is committed contractually.Because individual needs and expectations may change over time, a clear dissolution or modification plan needs to be in writing also.