Approach finding a business partner as you would a combination spouse/day care provider. A partnership is a long-term covenant between two (or more) people.

By on 13-11-2018

HOW TO CHOOSE THE RIGHT BUSINESS PARTNER

Approach finding a business partner as you would a combination spouse/day care provider. A partnership is a long-term covenant between two (or more) people. You will spend a lot of time planning major business events with your partner and need to be able to get along with him/her.
Your business is something you gave birth to and will have to nurture to help it grow. You want a partner that will approach your business with the same level of enthusiasm and commitment that you have, but who also shares the same business "parenting" philosophies.

Ask this questions before selecting your business partner

• What do I need from a business partner?

You should look for a business partner who brings something different to the table than you do. If you're creative, maybe you need a more detail-oriented partner. If you have money to invest in the business, you may want to look for a partner with access to a market, or with great connections.

• What is your potential partner's financial situation?

It is important to have an understanding of someone's financial status and commitments before getting into a venture together.

• What are the potential partner's expectations on the time involved?

Partners don't have to spend the same amount of time, but it is important that they are on the same page as to each other's expected time commitments. How many hours a day does your partner expect to put into the venture, and do his expectations meet yours

• Is your potential partner's commitment to the business as strong as yours?

A partnership -- especially one between friends -- can start off with fun and excitement, but within a short time, the slog of every day catches up with you. If they're not as committed to the business as you, they may lose their enthusiasm and may actually be damaging the brand every time you open your doors.

• Is there something in your potential partner's family life that might make the business a secondary interest?
• How would he or she handle a tough situation?
• What questions do they have for me?

If a potential employee doesn't ask any questions in a job interview, you might be less likely to hire him because of a perceived lack of interest. The same applies to a potential business partner, who should want to know about your character, reliability and expectations.

• What is the potential partner's standing in the community?

A lot of people seem good at first, but that may be their skill -- seeming good at first, Moore says. Once they get their foot in the door, it may be difficult to get them out. Talk to former employees to see what they were like to work with, or for. If you're looking for someone with money connections, verify that they have money. If they say they have great connections, see if those connections go beyond just being recognized and given a slap on the back.

• Are they willing to put everything in writing?

Many partnerships are cemented with a handshake, but this can be a recipe for disaster. It's crucial to put it on paper -- not only what is expected of each partner, but the consequences if expectations aren't met.

• Do I really need a partner?
  If you can get someone to do something without giving them a stake in your business, it's always better, Moore says. People get wrapped up in the idea of needing to work with someone, but it's not always a good idea.