What is a partnership? To me, this means that all ‘partners’ get something mutually beneficial out of the arrangement. However, formal, or informal this relationship, to be called a partnership, the benefit to all must be equal or equitable.
It two parties are to enter a partnership, honesty and transparency at the outset are critical about what each wants to get. There will inevitably have to be compromise as it is extremely rare for everyone to get everything that they want.
Successful partnerships regularly review whether partners are continuing to get what they want in an equitable way from it.
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