How to to get into a successful business partnership

Monique and Dannielle from B.Box talk about how they’ve navigated running a business as friends

11 June 2018

Running a business in a partnership can have its challenges - differences in opinion and opposing ideas, personality clashes and different priorities.

Dannielle Michaels and Monique Filer from successful baby product company B.Box have worked through their issues running a business while being good friends.

“We were friends, and everyone ays you don’t go into business with family or friends but we went in with our eyes open,” Dannielle said.

“We effectively drew up a partnership agreement - like a prenup - that went through all the “what-if” scenarios.”

“So we went in with our eyes open about the realities about what it could mean as friends and businesswomen and as parents, so for us we had complementary skills and knew they would work together.”

Key takeaways:
-Create a partnership agreement with whoever you go into business with to make sure everyone is protected if things get tough
-Trust is critically important between business partners, otherwise you’ll constantly second guess what either one is saying.
-Have clearly defined roles to help protect the business and allow it grow.