As a startup it’s easy to get so caught up in the excitement, the product, the service and the marketing that you forget to focus on some of the fundamentals of beginning a business. Getting these foundations right though from the start, will serve you well as you progress on your business journey and down the track you’ll thank yourself for it.
As an accountant I see many Small Business partnerships go pear-shaped and whenever a client asks me about going into partnership, my most common recommendation is don’t do it.
You see money brings out the absolute worst in people and makes even the nicest people turn ugly. Although we can anticipate and even plan for differences, it’s often not until we are faced with very real money decisions or when money really becomes tight that those very ugly traits surface.