The Partnership Charter book informed many decisions I made working for a family business. During our leadership transitions, the case studies of family and other business partnerships empowered me to discuss my concerns with solid examples as backup. Most recently, the book informed the development of a framework for spinning off a section of the company to an employee. Convincing my current employee – potential partner – to take the time for these conversations was the first barrier the book helped me overcome through examples of how quickly partnerships fail through lack of planning.

Initially we tried to form a partnership with me moving away from daily control but maintaining oversight. Using the book’s exercises, it became clear the reporting-up decision-making structure wasn’t going to work well for either of us. The structure of owner-client offered more independence and was a better choice.

After achieving clarity about that, all the remaining pieces fell into place. With me and the family business as an owner-client, the relationship and reporting requirements stayed similar, but there’s a company completely in her name, giving her autonomy and responsibility. The book also helped us identify that our leadership styles were somewhat incompatible and suggested steps we could take to minimize potential problems.

Developing a successful partnership is built through trust, which rests on in-depth understandings of personal expectations. These can be articulated by taking time to have critical discussions. In the time-constrained business world, finding blocks of time can be difficult or feel unnecessary. The book reinforces the need to take time. Using these strategies strengthened our relationship through skill-building and personal value exercises, leading to greater understanding and empathy. The outcome was an increase in corporate health based on a new structure and clearly articulated and aligned processes and expectations. I recommend The Partnership Charter book and process for any group forming or transitioning. Engage in the critical conversations to develop agreements in a Charter, which can inform the legal Partnership Agreement document so the policies are in place before the conversations become personal.