Business Partnerships can make or break your entire business no matter your legacy, a reputation built, or level of success. This was said by Noam Wasserman, Professor at Harvard Business School, who studied close to 10,000 founders for his groundbreaking book, the Founder’s Dilemma.
Typically having a business partner can lead to more diverse skills and talent for the business. The right partnership can provide the sense of wholeness that a lone operator can never achieve.
When looking for a business partner, we are looking for new ideas, a helping hand, or just a colleague who shares our interest for our life’s purpose. As previously stated, finding the right business partner can make or break your business, so it is critical to proceed slowly and carefully evaluate each prospective individual. If you’ve reached the point where you’d like to expand further in a relationship with someone, here are 10 tips for finding a trustworthy business partner.
1. Find a person that complements your skillset.
Having a partner that compliments your skillset is an added advantage to your entire business productivity on multiple fronts. You get to cover more grounds at the management level and receive fresh insight and perspective on matters. So before going into partnership with anyone, spend some time to give some thought to the experiences and skills you would want to have in your ideal partner.
2. Find a person’s background.
Most times, you can get business proposals from people you do not know. If you are intrigued by their concepts and vision, doing an identity check on them might be a brilliant idea. Such a source as Nuwber can assist in locating these professionals’ contacts and other information. Take the time to find out more about them before entering into any written agreements!
3. Find someone who gives and takes
Each partner in a fulfilling business partnership assumes that their benefits are equal to or greater than their sacrifices. By maintaining track of the advantages they share, casual acquaintances may preserve this sense of equity. Moreover, in a more committed or long-term partnership keeping track is not too good. Rather, the partnership should be built on a sense of equity, recognizing that certain days they give and others receive.
4. Choose someone that wants to grow and will support your growth.
From birth to death, we are all in the midst of a constant state of change. We are sometimes unaware of the changes we are going through. Furthermore, change is often perceived as a challenge to the status quo. Successful business partnerships welcome development and change, recognizing that doing so benefits them both personally and collectively as a team.
5. Brood on the right questions to ask.
One challenge when looking for someone with different skills than you is determining their competency. Learn a little bit more about their profession and the appropriate questions to ask for this reason.
For instance, if you want to work with an interior designer, ask them how they determine which projects are good choices for them. This reveals a lot about their interests and how they perceive the idea of teamwork. Inquire into their style preferences and inspiration as well, so you can get a sense of their design styles.
6. Ensure they are not liable for any legal dispute or liability.
A business needs to be free of any legal ramifications. Check to see if the partner has any felony history, previous liabilities, or financial liabilities that may be detrimental to the business in any way. As a result, you’ll see if the person is worth the trust you put in them.
7. Find a person who is open to ideas.
This is especially important if you are aiming for a long-haul partnership. Ensure you find a person who’s open to ideas. Although you want a business partner who can take the initiative but is not afraid to make tough decisions, you still want someone who will listen to what you have to say. A business partner who is open to your suggestions and open-minded would be much easier to work with over the long term.
8. You can attend local industry meetups to search for a partner.
Suppose you are searching for a versatile industry veteran. In that case, there’s no better option than going to a local meetup that other entrepreneurs would attend. You can effectively kill two birds with one stone by growing your expertise and identifying potential business partners. So, why not take advantage of the situation? If you are working in a well-known school or university vicinity, try to locate your partner among the university freshmen looking for a good opportunity.
9. Find someone who’s passionate and loves their work
Ever heard the phrase “passion is contagious”? Most people work because it pays the bills, but others do it for their fulfillment by putting their talents to use. Find a business partner who is as enthusiastic about your idea as you are.
10. Find a business partner who is ready for the end.
Most times, a successful exit is a clear proof that it was indeed a successful business journey. Lack of an exit plan in operation, the partnership might be forced into a difficult situation when they are the least reasonable. An exit plan is a common understanding of when and how a business partnership will come to an end.
Every strategic plan should include a written exit strategy. However, although saving for the end is an essential aspect of business ownership, it is overlooked. Whenever a problem is not imminent, an exit is easy to avoid. Bringing it up can ruin the deal or indicate a lack of confidence.
A successful business partnership has a combo of complimenting skillset, reliability, shared values, and principles. Find a business partner who fits well into your overall business objective to help your business grow and expand. It is essential not to get distracted by mere warm gestures. Instead, focus on what will ultimately help your partnership become fruitful and productive. Best of luck with choosing the right match for a long-term business partnership!