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Partnering? What About Funding?

There are a number of questions one should ask before partnering with someone to start or grow a business. I read an interesting article on Inc.com about things to consider before partnering. One of those is financing. Here’s an excerpt from that article, 8 Tips for Business Partnerships, that I thought was interesting and spot on.

——————————‘Do You Have Sufficient Funding?

As in marriage, the financial aspects of a partnership can be stressful. The partners should develop a budget for both the business and for their personal needs, says Gerber. The budget should identify how much is needed to start the business and where that investment is coming from. It also needs to identify what is needed until the business starts generating profit to the owners. “Stress on personal finances is an issue for all entrepreneurs during startup,” says Gerber. “Going in, the partners should be confident that they are both able to handle the loss of income for a similar duration. Otherwise, their financial needs won’t be aligned and their interests may differ in how, or how long, to sustain or conduct the business.”‘——————————–

 

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About Tiffany C. Wright

Hi! I,Tiffany C. Wright, am the author of the ebook, "Help! I Need Money for My Business Now!!" and the book "Solving the Capital Equation: Financing Solutions for Small Businesses", available on Amazon. I am the president of Toca Family Business Services, a short-term & project-based interim management & strategic and financial advisory firm, located in Atlanta, Georgia. In the past five years I've helped small and medium companies restructure and obtain over $31 Million in financing and a similar amount in purchase orders and contracts. I have an MBA in Finance and Entrepreneurial Management from the Wharton School of Business at the University of Pennsylvania and a B.S. in Industrial and Systems Engineering from The Ohio State University. Personal: I enjoy investing. I am a prodigious reader of everything from business books, magazines, and newspapers to horror and popular fiction. I read 4-6 books per month. I also love to travel. I've been to 33 countries on 5 continents and lived in Japan for 2.5 years and aim for a foreign locale twice a year. I am also an athlete and run track on the Master's Circuit. The highlight was placing 7th in my age group in the 2007 World Master's Track and Field Championships in Italy.

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The Resourceful CEO, Tiffany C. Wright

the president of Toca Family Business Services, a strategic and financial advisory firm which provides short-term & project-based C-level management. She is the author of Solving the Financial Equation: Financing Solutions for Small Businesses, available on Amazon.

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