5 Steps to Building the Perfect Partnership

launched with five proven principles:

1. Know Thyself and Know Thy Partners

“You can’t make a good deal with a bad person,” Warren Buffett once said. He would know. Buffett, and his partner Charlie Munger, have been working together since 1959.

2. Start with Clear Communication and Expectations

Have adult conversations from the get-go. Establish who is responsible for what parts of the business. Make the partnership terms clear and concise, and be sure to write them down. A single page summary of responsibilities should do to start.

3. Get It In Writing

Speaking of writing, craft a strategy not only for success, but for failure. Put your goals and mission in clear, concise language.

4.Partner With People Who Have Strengths That Complement Your Own

There’s little sense in partnering with a great copywriter if you’re also a great copywriter. But if you can find a great partner with strengths in areas where you are weak, then the synergy (and potential success) is automatically greater.

5. Partner with Individuals Committed to Personal Development

“We both share the theory that you should hang around good people,” Munger said about his relationship with Buffett. “Always behave better every year than you behaved the previous year. Warren and I don’t agree on everything, and yet we’re respectful of one another.”

People who should listen to the show are entrepreneurs