If you really want to trust your partner, it may be good to begin by considering family members. Lisa Liew FCPA, managing partner of Philip Liew & Co in Singapore, looks after the accounting firm with her father, Philip. She says the absolute bond of family trust means there needs to be no formal agreement.

Lisa says the relationship of respect means she is always learning from her father, especially in areas of staff retention, leadership and empowerment. It also means that when one of the two has to be away from the business, perhaps overseas for meetings, the other is able to jump in and replace them. This means less disruption to the business and greater confidence for clients.

“It’s quite natural in any business or family situation to have different views from time to time,” Lisa says.

“In our family practice, at times we do not agree on issues. But we always fall back on our family values to work things through.

“If there is a disagreement, consultation and robust discussion on the pros and cons of the issue and trusting that we will make decisions in the best interest of the business are things that help the whole partnership work. With the strong foundation of family values as a starting point, I believe family ties in our practice have made resolving conflicts a smoother process.”

Read full article in IN THE BLACK:  http://www.itbdigital.com/opinion/2014/09/03/it-takes-two-to-tango-to-make-a-business-partnership-work/#.VAbs2KcGEG0.email