Setting Expectations
When my business partner and I decided to start selling houses together, we also decided that having a partnership agreement in place was a good idea.  We figured that the more we spelled out in writing, the more we identified who was responsible for what and what the expectations were, the better off we were.  We also wanted an agreement in place for how we would deal with jointly acquired leads and past clients if we split. 

Good Planning Pays Off
This was the smartest thing we did as partners.  Because a year later when we determined that we weren't a good fit as business partners and our joint business together went up in flames of anger and upset, we knew that we had an agreement to fall back on if we couldn't be reasonable in the moment.  Thankfully we were good friends first and business partners second, so we worked it out amicably.  But having that agreement in place made all the difference in having peace of mind as we negotiated our way through the process.

Thinking of Partnering Up?
Think carefully.  Having a business partner is a great thing. It means:

• You're not alone in the business
  
• You can actually have a day off
  
• You can go on vacation and not take your cell phone
• You can do more business
• You can likely jointly afford to hire an assistant

It's awesome.  It's also dangerous. It also means that:

• You are on the hook for anything your partner promises
• You are liable for anything unethical or illegal that they do
• You have to cover for them if they just disappear
• You'll be smoothing things over if they don't get along with a client
• You'll have to deal with the issues if your partner isn't good to your assistant or abdicates responsibility for them

The Good, The Bad, and the Ugly
You see, for every upside, there is also a downside.  Add to this that if your values don't match, there is a whole other level of challenges that you have to face.  And, even if the two of you get along, if your partner and your broker don't mesh (which is one of the things that happened with my partner and myself), you;ll be faced with moving companies too.

Look Before You Leap and Lay Out a Cushion At the Bottom
This is why you should lay out all of the details before you go into business with someone.  Write down, in clear, unambiguous terms, exactly what is expected of both sides and what the hierarchical structure will be (especially important if there are more than two people on the team).  Who had the final word?  Who has creative control?  Who is the promise-keeper?  Who is the problem solver?  Who gets to decide how to spend money?  Who is on the hook if you go over budget?  These things are more are important factors.  And, just in case, have a plan to part ways so that you have the advantage my partner and I had all those years ago.