Being in partnership with others can represent a real challenge for some, hence the number of sole practitioners around the country, whilst for others there is nothing better than teaming up with colleagues or friends to build an empire; for some, the bigger the better. Which is why I find it intriguing as to how some partnerships commence, operate, and then potentially disband. Through our advisory work with firms, we periodically hear from practitioners that are dissatisfied with the performance of their partners. They may be complaining about the fees that they charge, their lack of revenue contribution, significant levels of WIP and debtors, staff management styles, write offs, loss of clients, inability to introduce new clients, and so much more. Yet, when we pose the question, did the person demonstrate those characteristics prior to being made partner, the answer nine out of ten times is yes, at which point we’re generally thinking, ‘why did you make them partner then?’

Just prior to Christmas, I was speaking with a client regarding their succession and potential introduction of one, possibly two, partners. At the time I heard the common statement from a sole practitioner of ‘I’m not sure I want to be in partnership with others’, and was asked what they should look for. After running through some of the usual characteristics or attributes that hear from other practitioners, I suggested to the client that they give some careful consideration as to what was important to them over the Christmas break. Perhaps spend some time putting together a list of what they would like to see in their ideal partner, keeping in mind that isn’t unlikely that you will get everything that’s one that list, and then the key is to work out what are the non-negotiables on that list. What does that list look like for you?

Following on from that, give due consideration as to whether those skill sets can be developed in someone who doesn’t quite match the requirements is extremely important. Plus, also working out what to do if expectations are not met into the future of the partnership. Setting up specific and rigged performance criteria can lead to more difficult times down the track, however agreement around the bigger picture is also warranted and worthwhile periodically reviewing.

Ultimately, if there are aspects about a person you really don’t like or struggle to accept, then it’s probably best not to go into partnership with them. These points are unlikely to change over time. However, if you do, you will probably have to learn to live with those annoyances where partnership expectations have not been shared or agreed to. What are your ‘must haves’ in a partner? Is going into partnership with a friend a good idea?

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