Choosing a business partner is not something that you should ever take lightly, it requires careful consideration and a number of checks before you tick the boxes and say; ”let’s do this” as you add their name to your letterhead. Business partnerships are a lot like dating. Would you marry someone that you just met? ”Hell no” I hear you say. You have to date for a while and undergo the initial chemistry test, then move beyond and see if this is a partner that you want to be in business with.
Remember once you have done those legal contracts you are stuck with them and get out of the contract is not just about personal emotional upheaval, but will have a direct impact on the business; your staff and clients and your business reputation affect the marketplace.
Take your time and really think about this – do you really need a business partner?
If your answer is yes then you need to find the best possible match and ensure that the other partner has the same values, business and management style and similar skills as yours. It would assist you greatly if you made a list of what it is you are looking for in a partner. You don’t need to make a “shopping list” just add 3 keys things you are looking for a partner and use that as a quick checklist when you are meeting possible new partners.
It’s like a restaurant menu i.e. Starters, main course, and dessert – if they don’t have the key 3 things, you need the walk away. Remember you are a triangle and you need another triangle to fit next to you – not a square! As an entrepreneur and business owner, you must follow the key points given below.
Dating for business
You have made a decision that you would like to bring in a business partner. You have made your checklist of the key requirement you need. Please stick to your key requirements; if you need someone who has great organizational and financial acumen you would not be taking a compulsive gambler on a date. Stick to your 3 point checklist and start dating.
Take the slower approach like a first date then a second; best you don’t go the speed dating route here. You need to take your time. Meet and spend time with a few possible prospects. Just get to know them on a personal level. The flow of conversation is easy and you immediately feel a connection through common business ethics and morals to see them more often.
The point of bringing a partner into your business to work together with you is to grow the business, and on timeshare in the rewards of the business. You will each have different and similar skills – remember you need someone who understands your business model and market. But they bring in elements that will develop and grow the business – not hamper it. If it does not feel right at your first meeting, then just walk away and start dating someone else.
You will already have a business network and there is no harm in dating within that pool. Often the best person we are looking for is closer to us than we think. Attend networking sessions and chat with people. If you connect with someone then invite those for a meeting away from the office to have a chat – now you can do your basic chemistry check.