When two or more people get into business together, there is a significant amount of risk.  As a Chief Financial Officer and business owner, I have seen partnerships crumble because they did not have the right tools.  In my view, partners must have the following characteristics:

• Rational Thinking: it is not all about one partner. Sometimes the logical business decision can disadvantage one partner over the other(s). It is critical that the partner being disadvantaged is logical in their thinking to separate what is right for the business from what is right for the disadvantaged partner.
• Partners Must Be At Peace With All Decisions: Although it is healthy to have different opinions and constructive arguments, all partners must understand that a decision needs to be made even if you disagree with the final decision.   
• Partners Cannot Be Bitter: There are many times when a business needs more money and the partners have to ante up. Sometimes there are partners who do not have the money or do not want to invest in their business at the particular point in time when money is needed. These partners who do not participate financially cannot be bitter when their stock ownership gets diluted.  It is only fair to the partners who are risking the additional capital that they get stock for the risk they are taking.
• Partners Need To Understand What They Are Getting Into: Partners must be prepared for troubled times in the business.  For example, lower salaries, cash flow problems, and personal guarantees. The character of the partners must be in harmony during these periods.
• Partners Need To Understand That One Person Can Run The Show: It is a good idea for one partner to take the lead role in the business. Be viewed by the suppliers, customers and employees as the point person. Sometimes this can make the partners not taking the lead role feel inferior and bitter.
• Partners Need To Understand That Not All Salaries Are Created Equal: Different people bring different skills to the table.  Some of those skills are more valuable to the business than others. The business needs to pay more money to the more valuable skill sets. You would not pay a store manager the same as a CEO.

The CFO sometimes is called upon to act like a mediator of sorts in dealing with partner disputes, but partners need to go into these business deals with their eyes wide open.