By Lucas VanDeWoestyne, CPA, CGMA and Partner of
Apex CPAs & Consultants

In many ways, a great partnership in business is like any lifelong relationship. Both require a sense of shared values, and the willingness to take next steps together.

Successful partnerships don’t just happen overnight. They are a product of trust and respect earned over time. I never really thought about this until I was invited to consider becoming one.

About two years ago, Apex Managing Partner Jim Chakires encouraged me to start acting and thinking like a partner. That was a defining moment for me. I realized the potential. Actually, I realized my own potential – as a person and a professional. I soon was promoted to Director and Chief Operating Officer so that I could learn more about the business and take on additional responsibilities. These steps gave me additional self-confidence.

I also began working with Dr. Al Spicer, a business coach who conducted a personality profile of both Jim and me. He used those profiles to develop a playbook on how we can communicate effectively. Wow, what a wake-up call. We learned how our strengths and weaknesses complement one other. (Jim is a visionary who looks at the big picture. I am more detail and support-oriented.)

Here are a few tips I’ve learned firsthand about creating strong partnerships:

• Honesty and integrity are key foundations in a partnership, but it goes beyond that. A great partnership starts with having similar values – because those values can lead to good working chemistry.  
• No matter how good the friendship or partnership is, have a written legal agreement. These are the rules that each party will live by. That document should include how compensation is determined, what will be done with company profits and the overall main goals of a company. The agreement sets clear boundaries of who will be responsible for what within the company.
• Be willing to take responsibility for things that go wrong. This could be as simple as covering for a colleague when they are running late for a meeting or restoring confidence to everyone in the company when you lose a major client. 
• Communicate. This is a two-way street. Communicating isn’t just talking. It’s listening.
• Get comfortable with discomfort. This is a way to challenge yourself, grow, move forward and build. It has taken me a long time to learn this, but it’s worth it.

Although I’m still in the “honeymoon” phase of this partnership (I was just officially named partner this month), I look forward to carrying the Apex flag alongside Jim, who has grown a great and well-respected accounting firm over the last 20 years. If you are a partner, I encourage you to attend our Partners In Growth event on Jan. 24, 2018, where we will discuss the importance of succession planning. It will be a great opportunity to expand your knowledge and your network. See you there.