Learning how to find the best business partner is extremely important because incorrect selection can make or break your success.
As luck or fate would have it, I found an amazing business partner… the Yin to my Yang and the Tim in my Tam!! … my business partner and Co-Founder of Authentic Education, Benjamin J Harvey.
Now, keep in mind that I've only had one business partner… ever! So I wasn’t sure if I should even write this article.
But on the other hand, that's a great thing since we've been in business for over 10 years and never had an argument 🙂
So I’d like to share what to look out for when finding that perfect business partner to achieve your business goals.
Business Partnerships & Marriage
Business partnerships and marriage are very similar. The kiddos are happy when the parents are happy. But when the relationship is iffy, everyone suffers. As they say, “The tone is set from the top.”
So you really have to know the person before you decide to do business together. And just like in a marriage, it takes a lot more than chemistry and physical appearance to make a relationship work.
You really have to do your homework and stay away from people that will do more harm than good to your business, such as the ‘wham bam thank you ma’am’ kind of people or someone who just wants to make some quick money and quit.
So here’s my advice on how to find the best partner on the planet.
How To Find The Best Business Partner
The things to look out for to form a good business partnership are:
- Trust – You gotta trust them! Your business partner must have integrity, and you can trust them with your money. Otherwise, move on to the next name on your list.
- Work Ethic – Find someone who has the same work ethic as you do. Both of you should be putting in similar hours and it should rank equal in your priorities list in life.
- Similar Values – Do you care about similar things in the world? This is important because it affects the decisions you make. You need to have similar values when it comes to things like what makes a good product or service, how important are things like money, quality of work, etc.
- Vision – Do they see what you see? Make sure you share the same vision when it comes to visualizing where the business will go in 1, 3 to 10 years.
- Complimentary Skills - Being clear on what skills you have, and what skills you need. Or in other words, this person should make up for where you suck. So for example, if you are good at sales but bad at admin and detail, find someone who loves that.
- Equal Experience / Phase In Your Career – You and your potential business partner should be in the same career phase or generally have the same experience. So let’s say if you have intermediate experience in your industry, you really can't expect someone with loads of experience to come and join you.
- Social – This means you can spend a lot of time with them. You don't have to be best friends, but you genuinely enjoy your time with them. If you feel that you can invite them to your home to meet your family then that’s a good sign.
The Pros And Cons Of Having A Business Partner
Having a business partner has many pros and cons. There are advantages like someone to celebrate your wins as well as share your losses.
It’s also definitely a lot more fun. You inspire each other and are in awe of one another. You got their back and they got yours. Times will get tough and having that ideal business partner will be essential to making sound business decisions.
But the flip side of the coin is that working with someone else will add complexity. You will need to release some control. You have to learn how to give and take. And in the end, two heads are better than one.
So there you have it! Now you know how to find the best business partner by knowing what to look out for. Hopefully, you’ll be able to find your own Benjamin J Harvey in your business… and maybe one that has more hair!
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