Millions of people co-own closely held companies, family businesses, and business partnerships, but establishing them and keeping them together is never easy. Here, finally, is the guide they have been waiting for.... Read More
Business and Professional Partners
Click for a comprehensive list of articles, discussions, and interviews by BMC Associates regarding Business and Professional Partners or scroll through the list to find an article of interest.
When Success Magazine wanted to give their readers the best possible advice on how to create strategic partnerships, they interviewed BMC’s Co-Founder David Gage. After citing evidence of the advantages of having partners, they caution would-be partners: “But creating effective alliances is not always so easy. Partnerships gone wrong can lead to frustration, financial losses and even litigation, says David Gage, co-founder of business mediation firm BMC Associates, and author of The Partnership Charter: How To Start Out Right With Your New Business Partnership (or Fix The One You’re In)….”
Posting by David Gage, Ph.D., Principal at BMC Associates Why do so many business advisors continue to advise entrepreneurs not to have partners when most successful companies (think everything from Costco to Google) are founded by partners? Having partners gives you huge advantages. Unfortunately it also creates huge risk – the risk of conflict. David Gage, an Adjunct Professor at American University’s Kogod School of Business, explains the problem and what could be done to make it less risky to have partners.
The Wall Street Journal Kelly K. Spors February 23, 2009
Kelly Spors interviews David Gage on "what it takes to be a successful entrepreneur." She advises those striking out on their own to consider finding a partner who "can help mitigate the risks and even boost the odds of success." But finding the right partner isn't easy. Dr. Gage suggests that entrepreneurs should try to find a partner with skills complementary to their own and then rigorously test compatibility by spending "several days hashing out the specifics of the business and how the arrangement will work."
This article features The Partnership Charter: How To Start Out Right With Your New Business Partnership (Or Fix The One You're In) by David Gage. The renowned comedy-magic team Penn and Teller discuss their way of conducting their partnership which has kept them together and thriving for thirty years. David Gage says that the duos' collaborative approach is "the essential ingredient of a great partnership"—along with shared values, understanding one another's personal style, and carefully thinking about the future.
This article praises the benefits of having partners while cautioning about the risks. Entrepreneurs by the millions decide that starting a business with a partner is far better than going it alone and "The good news is that when it works, it works well." According to David Gage, "Companies that start out with partners tend to be the most successful." This article reflects many of the suggestions for partners contained in Dr. Gage's book, The Partnership Charter: How to Start Out Right With Your New Business Partnership (or Fix the One You're In).