A business partnership seems to be forgotten when talking about relationships. However, a partnership is similar to that of marriage or courtship. It requires wisdom and loads of planning. One wrong choice or mistake could end up so much disaster.
The point of having a business partner is to be able to have someone you can rely on and trust to make certain decisions; someone who will be able to contribute financially, materially and more to the business venture.
Thus choosing one wisely is of utmost importance. There is no need jump the gun. Keep in mind that a terrible business partner will lead the business to jeopardy.
So here’s what to look for when choosing a business partner.
#1. Passion & Vision
Your partner should have a strong love and interest for the business as much as you do. He must share in the same vision with you and must actively work towards that. You and your partner must be on the same page when it comes to the reason for your company’s existence.
This will prevent you and your partner from working at cross-purposes.
Take time out to have a conversation with your potential partner and see if you can come to some agreements. Constant conversations with your partner will ensure there’s transparency and that none of you are walking in opposite directions.
When looking for a partner, ensure you find one that is revered for his or her integrity. Trust must exist in the business partnership. Any ounce of doubt will cripple the partnership and may eventually affect the business itself.
As previously mentioned, constant conversations and transparency are paramount when hunting for a partner.
You need to be ready to trust this person with your life and the lives of all of your employees. You need to feel comfortable with the idea that you could leave your business in your partner’s hands for some time without creating any major disasters.
Your potential partner should be able to make time for the business, even if it’s not full time. You should specify your expectations and see if he or she is able to meet them.
A partner that hardly has time for the business might slowly pull out of the partnership or it may lead to arguments which would not benefit anyone.
Thus a great partner should be able to sacrifice and spend enough time heading the business.
A great business partnership should be able to grow and improve the business. This includes bringing up new and interesting ideas that will assist in taking the business to the next level. You would not things to be static, would you?
Hence look for a person that is innovative enough to add to what you will bring to the table and will also be able to execute any tasks handed over.
If your business is located in a particular area, getting a partner that is far away from the business is not exactly ideal.
When considering hiring a partner, ensure that he or she is able to have easy access to the business premises. Even if he is situated in another state or country altogether, he should be able to travel in and out when needed.
#6. Financially Capable
One thing to concern yourself with is the financial status of your partner. Money is a grey area of discussion generally. However, it is necessary that you inquire about the financial realities of your partner.
At some point, he or she may be required to put something into the business and it will be hard if you had to be the one covering all the finances of the business. Discuss how strong and willing he or she is able to contribute to the business and the welfare of the employees.
What will you do if the business or some business venture runs into some problems and you need a helping hand, yet your partner is unable to handle the situation?
That may be rather discouraging and it may negatively affect the partnership. Evaluate your potential partner’s history to discover how well he dealt with a particular situation.
Find a partner who is able to handle crisis when it comes up and to find a solution. They key is to having someone who has your back at all times.
Both partners need to have the ability to motivate each other. You MUST find a partner who can push you forward. And you MUST be that person as well.
A partnership is a relationship in law; however, most have settled for the occasional handshake which does not mean much.
Ensure that you find someone that is willing to legalize everything that goes on in the partnership and business.
It’s crucial to put it on paper- not only what is expected of each partner, but the consequences if expectations aren’t met.
This will save potential danger resulting to the company. That is the second key to having transparency in the partnership.