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If you think that having a business partner is what you and your business needs, here are some tips for you while choosing ‘the’ business partner for you.
1.Background Check: Make a thorough check of the potential partner on personal and professional levels. It will give you a better idea on what kind of person you are going to be dealing with. A personal background check will help you to know how he/she handles relationships and a professional background check will reveal his/her professional and business credibility and work place relationships.
2.Personal Stability: It is good to have a partner who is not struggling with pressing personal issues. If he/she is stressed out on the personal front, it is likely that he/she will not be able give 100% input required for a new business venture. Personal financial stability will ensure that the potential partner is more interested in making the business grow than in making money. It will also decrease the temptation to swindle money off your back.
3.Vision and Objective: Your partner should be someone who believes in your pipeline dream. He/she should be able to envision your business venture the way you see it a few years from now. Objectives are the short-term benchmarks you have for the business and your partner should share them.
4.Business Compatibility: While it is good to partner with someone having a different field of business expertise, it is not advisable to have incompatible business differences. The leadership styles and business dealing methods should be compatible, not necessarily be the same. You should be able to have a good working relationship with your partner, which is impossible if you are going to be at loggerheads for basic business codes and ideals.
5.Complementary Skills: For the business you are starting out with, you may not be having all the required skills. Even if you did, you might not be able to give full justice to all the components at all times. So, it will be more profitable and beneficial to have someone with complementary skills and different area of expertise as a partner. This will broaden your business scope and take a load of burden off your shoulders.
6.Contribution: There are less chances of a partner pulling out or being indifferent to business development if he/she has made a substantial contribution for the start-up, financially. Where this is not possible, the contribution could be in terms of resources (location, infrastructure) or a strong business network.
7.Ethics and Integrity: A person who is ethical in his/her actions and carries himself/herself with integrity in life’s every aspect, will not leave you high and dry without a valid reason. Also, such a person will be easier to trust and will inspire respect.
8.Exit Strategy: Though it sounds pessimistic to think about failure when starting a new business, it can’t be denied that every business is not guaranteed to succeed. Just as it is better to be prepared for a fall before falling off a cliff, it is better to have an exit strategy in place before reaching an impasse. One reason to do this is because, if you were to face a failure, you and your partner are not going to be clear-minded then, like you are now. Any plan you make now will be unbiased and well-thought. For an exit strategy, first decide on how far into debt you are willing to go to save a business. Then come to an agreement on how you will dissolve the business partnership if your business fails despite all the efforts you put in.
9.Rain Check for Worst Case Scenario: Some other seemingly pessimistic scenarios you should be prepared for are, a partner’s sudden ill health, pull out or circumstances due to which he/she will be unable to continue in the business venture. These things should be made explicit so that one partner is not left stranded alone with the entire business responsibility. Debt, divorce or death are other things you should be prepared for, to avoid having unwanted and unfit business partners in the form of creditors, divorced spouse or inheritor.
10.Personal Attributes and Beliefs: Choose a business partner whose personal attributes you like (even if they are not a part of your personality) and though it is not mandatory to have a business partner who believes in the same things that you do, it is beneficial to partner with someone whose beliefs you would at least not look down upon.