13 October 2009
Why Trust is the Foundation of a Successful Partnership
Posted by Moss under: Navigating Partnerships .
One of my clients, Larry Flick, is President and CEO of the Prudential Fox Roach Real Estate Company. I remember him saying, “Only do business with people you trust.”
Trust is the basic foundation of a partnership. Trust lets you sleep at night. Trust frees you up to focus on getting the job done instead of watching over your shoulder to make sure your partner is getting his job completed.
Some reasons partners may not trust each other are:
- A lack of shared values and interests.
- A lack of shared risk, responsibility, accountability, or benefits.
- Inequality in decision-making or power.
- Excessive competitiveness and jealousy.
- A lack of clarity about the terms and conditions of the business.
- The most obvious reasons of dishonesty: talking behind you partner’s back, greed, and making private deals at your partner’s expense.
Bottom Line
Here are some ways to increase trust:
- Trust is like a good marriage, each partner must experience a value added benefit from the relationship.
- Tie the partnership and its outcomes to the missions of each partner.
- Share resources, benefits, and recognition.
- Share similar core values and ethics.
Bring complimentary skills and respect each other’s talents. - Be willing to compromise.
- Work out a partnership agreement.
- Develop perspective and put yourself in your partner’s shoes.
