Also decide (before signing on the dotted line) who’s doing what in/for the business and take both responsibility for your own job AND don’t be afraid to hold the other to account on his/her job (so be prepared to be hold accountable on yours).

Still going strong – including strong rows from time to time – after 8 years in 50/50 share business.

Never ever ever go into a 50/50 joint venture with someone else however well you know them.

It took nearly two years to finally agree a price with my former business partner for his shares in the company.

Glen

I am in business 50/50 with a distant family member however I am the boss. I call the shots and he follows that as i have more business experience than him. Sometimes i am wrong but luckily we haven’t had to make any decisions that are extremely major neither have we fallen out after a dissagreement.

1. You know your relationship with the other person (whatever that may be) is strong enough to withstand the fact that you are probably going to have _blazing_ rows. The longer it takes before the first one, the worse it will be.

2. You have an agreement in place (mexican standoff buyout, tequila drinking contest – anything) which can break a total deadlock and/or offer one of you an escape clause should they need it.

My tip would probably be:

Learn when to admit that you are wrong.

If you believe you never are, then you need to admit your error right now..!

The sooner someone puts their hand up and says “Uh. My bad…”, the sooner the business (collectively) can recover, repair any damage, and move forwards.