Choosing the Right Business Partner
By Debbie Gregory.
Some of the most important decisions that a Veteran Small Business Owner can make are whether or not to bring in a business partner and who is the right partner? You want to find someone who shares your vision and focus. Additionally, someone you are in sync with and can grow the business. Your business partner also must be someone who you can depend upon and who will carry their part of the workload.
Choosing a business partner is like getting married and you must be as discriminating as when choosing a life partner and/or spouse.If you want your business to grow and be successful, you must choose the right partner and choosing the wrong one can spell disaster. Remember that it must be someone who will be in it for the long haul because the path from turning a business idea into a viable business is a long journey.
Below are a few good questions when interviewing a partner to determine if he or she is the right fit for you and your business:
Do We Have a Personality Match?
Chemistry between you and your business partner is essential along with being compatible. Make no mistake, this is one of the most important relationships in your life. This relationship will determine your security and your day to day satisfaction in reaching your goals. You must make a connection to be part of successful team. You need to be able to to work together in both good and difficult times. You need to be able to solve problems and overcome challenges. You need someone who can acknowledge when they make mistakes, take responsibility and be willing to fix them. You also will be working together for many years so you should select someone that you will enjoy working with and respect over the long haul.
Does He or She Complement You?
A good team is composed of players who complement each other with different talents, strengths and weaknesses. Your partner should be someone who will bring some of the skills and talents you lack and balance what your business can offer. If you are technical but not great with people, choose a partner with strong people skills. If you are a numbers person then find someone who can look beyond the numbers. Business partners should complement each other.
Does He or She Share My Passion?
There are a boatload of challenges in running a business. You need time and money and a lot of work. There will constantly be problems to solve and you will need to protect your business too. What drives you is your passion and energy. This is what moves you forward especially during difficult times.
Your partner must share the same passions and drive. Shared enthusiasm is the fuel of ambition and success. Ask your potential partner(s) what motivates them about your business idea, Ask them where they see things one year, five years and ten years down the road. Learn what they are looking for in working with you. They should share your fire and passion for what you are doing.
Will He or She Be Able to Challenge Me When I am Wrong?
In real life and in business, no one is right all of the time and we all make mistakes. You might come up with a poor idea or a direction that will not work for your business. We all have blind spots and they can be highly detrimental to your business. You must select a partner who will speak up and challenge you when he or she believes you are wrong. They must be comfortable in their own skin and ideas and be able to speak up for the good of your business.
How Much Will He or She Give to the Business?
You must choose someone who will put in the work so that there is an equal division. You need a partner who can and will contribute ideas, time, contacts, resources, capital, passion and energy. Someone who gives fully of themselves because they share your dream of success. You want a partner who is “hands on” so your success will be a mutual one.
At the end of the day even if he or she hits all the boxes and answers all your questions perfectly, take the time to check references.
