040: Behind the Scenes: Insights from Co-Founders and Business Partners

Having co-founders and business partners can be a strategic way to leverage other’s resources, capabilities and create unique solutions for mutual benefit. However, forming successful partnerships require careful consideration of each partner’s vision and what can possibly make a business venture fail.  

Although partnerships are a powerful tool for businesses to expand reach, increase profit and gain new markets, recent studies show that 70% of business partnerships are bound to fail. The major underlying cause of this is the friction between business partners. 

In this episode of Next Level Influence, Samantha Riley and Melanie Benson chat with Tanis Jorge and Anne Lackey about what happens behind the scenes to sustain successful business partnerships.

Whether you’re starting a business with a colleague, significant other or a friend, it’s important to set the intentionality of your partnership and commit to making sure there is a healthy business relationship.

Here are some of the highlights of this episode:

• How each panelist started their partnership (02:25)
• The catalyst for going down the business partnership route (05:20)
• One tip to ensure a thriving business partnership (10:15)
• Business challenges that can make partnerships thrive (19:15)
• How to nurture partnerships outside the business (27:30)

Quotes:

"We always think of partnerships like a 'set-it' and 'forget-it' element within our business. Unfortunately, that is how resentment, mistrust, and failure to reach each other's expectations arise." -Tanis Jorge

"Having all of us row the boat in the same direction was super important. A partnership tip is to know your lane, stay in your lane. And let everybody else stay in theirs." -Anne Lackey

"There is a very different dynamic when you're in business with your life partner. So get to know yourself very well, and learn to control your emotions." -Samantha Riley

"Businesses thrive with the right kind of partnerships. But we also need to be aware of what can derail a partnership, because getting into a partnership that's failing can make the business ultimately fail." -Melanie Benson

Resources

The Cofounder’s Handbook: The Ultimate Guide to Starting, Building, and Exiting a Successful Business Partnership

Multiply Yourself: Increase Your Productivity & Profits Using Virtual Assistants

Crucial Conversations: Tools for Talking When Stakes are High

Connect with Tanis Jorge

• https://www.tanisjorge.com/ 
• https://www.linkedin.com/in/tanisjorge/  
• https://www.instagram.com/tanisjorge/ 

Connect with Anne Lackey

• https://hiresmartvirtualemployees.com/ 
• https://www.linkedin.com/in/annelackey/ 
• https://www.facebook.com/AnneLackey/
  
  

Melanie Benson, host of Amplify Your...