In due time, you all get to see all the hard work I have been up to that keeps me away from you all. Keep your fingers cross for me, will you? I got businesses to run so this fun outlet sometimes will have to “perch” as we use to say back in the 80s in Naija. But, a couple a few things worth talking about. This story below culled from Linda Ikeji.
“Sometime last year, D’Prince and his PR team did not let person hear word (hehehe) about the opening of a club in Victoria Island they called Club Jonzing.
We later found out that Susan Yusuf, the owner of SQ, agreed to have her club changed from SQ to Jonzing after a partnership with the Mohits music star.
For a few months all was rosy (not really) between the partners but by December 2011, the partnership suddenly ended. Not only does the club now bear its former name SQ, Susan and D’Prince are no longer on speaking terms.
Susan told reporters last week that the partnership with D’Prince was strictly a name partnership, that he was never a financial partner, she only used his new album name – Jonzing. So what happened to end the partnership after just three months? The two aren’t saying!” – Linda Ikeji
There are a few salient points to think about if you will enter into a business partnership with ANYONE.
1. Be careful who you enter into bed with. A business partnership is not a situation where you have casual sex with a stranger, friend or what have you, wake up the next day and keep it moving. On the contrary. It is a marriage. That means, you are joined at the hip with who you get into bed with; and when you break up, it can and does get ugly otherwise there would be no need for lawyers.
Accordingly, if you are afraid of the “C” word i.e. commitment, stay away from business partnerships. It is not for you. If you are afraid to put in the work, stay away. If you afraid to be accountable to someone else or have to justify your business moves, stay single. In business speak, really assess and make sure you know the person who you intend to do business with. Also have a candid conversation with yourself to make sure a partnership with others is a fit for you.
2. Do your due diligence: Fellas, ladies, if you want to get married in Nigeria or Ghana, you want to know the family and vice versa and everything possible about the other person. Well, in business partnerships, same thing. From the person’s temperament, their prior success with other business ventures, experience, money management skills, weaknesses, strengths etc. you want it all. Do your due diligence. Ask the tough questions upfront. If your potential partner does not want to answer, then it is not worth it.
3. Make sure there is respect and trust: Mutual respect is critical for any relationship, a business relationship included, to work. A partnership requires respect for the other person you are in business with. You CANNOT and SHOULD NOT make unilateral decisions on your own. You MUST consult with your business partners, first and all agree on the move to make. If you are the chosen person to execute the decision, you MUST execute according to what was agreed upon. The same goes for trust.
4. Look Out for the Red Flags: The red flags are always there. Most people ignore the red flags. Half the headache I see people experience which ultimately leads them to knocking on my doors for legal representation can be prevented if they had simply paid attention to the red flags. Pay attention to the red flags. You don’t feel right about someone or a business proposal being pushed on you, go with your gut instinct. You are probably right, even if you cannot articulate your rationale.
5. Breakup Amicably: This is a tough one. But where business is concerned, you gotta sit on that ego, bite the bullet if you have to, unless the facts are simply downright bad, and part ways amicably. Where the facts are painfully bad and you have been wronged where it has been quite detrimental to you financially and/or affects your reputation and health, then get a lawyer to fight for you.
Obviously there is a lot more involved here both from the angle of understanding basic sound business principles and some of Nigeria, USA and Ghana corporate law structure and partnership agreements. But truthfully, at the end of the day, it boils down to using common sense and at trusting your instinct.