Steps Finding the Right Business Partners

By | June 8, 2013

handshake-businessHaving a partner to bring a number of business issues and complex interpersonal issues. Both of course have to be addressed in order to run as expected. Here are the steps you should take into account when choosing a business partner.

If your main goal is to have someone to be able to discuss together and help drive your business, there may be other options in addition to having a partner. A small business consultant or mentor can have the ability to fill that role. In such cases, you will reap the benefits of a dedicated thinking objectively but you still will determine the final decision.

Similarly, if additional capital is needed, there are several alternatives to provide equality that has been painstakingly you can. Debt is usually preferable to equality unless the partner can add value to your business. If an equal partner to open a new market that can be customized, can bear an important responsibility or provide valuable resources, perhaps he deserves to be seriously considered.

Make your decision to have a partner based on strong logic and reason. Be careful if you just aim to shift the responsibility to others who would agree.

The purpose of the partnership should have been obvious from the beginning in your mind. You then get to determine the quality and the assets will be taken of potential partners. A partnership is usually a long-term cooperation, so long think about whether you are ready or not for such a level of commitment.

If you believe that a partner is required, you have to choose very carefully. Here is the approach I take.

Start with your own strengths

First of all, create a draft job description for yourself. Plan to continue doing the best thing you can do. You will want your partner to be someone with the skills and knowledge that complement you. Determine what role AYou partners would play in the operation and decision making. Remember that a partnership is not always equally.

Recognize the value you’re looking for

Is the person filling the role or function of a partner as a key team member, it will affect the company’s image both internally and externally. If the commitment, integrity, and honesty are the qualities that are important to you, emphasize the importance of these criteria, especially regarding how you will determine whether the values ​​held by individuals who are being considered as partners.

Talk

Let the people in your network know what you’re looking for. The suppliers, customers, and other colleagues may be able to provide appropriate recommendations but use your common sense and discretion when determining who should be notified. Give emphasis to what you think is important.

Thinking openly

You might find someone who could be an ideal partner but he does not have money to invest. You can also find potential investors who are not willing to be partners. Finding the ideal partner who also has a fund is something that is difficult. Be open to what makes the most sense for you and your business.

Learn everything you can learn about potential partners

Check references and credit records, even if you know the person very well. This is especially important if the person will be your equal partner. Ask questions to determine the ability, motivation, and encouragement owned by that person as starters. You will be able to give responsibility with confidence because you know that there is a real incentive for the work order is completed.

The challenge is finding the right person the first time. Before agreeing to any agreement, might be a good idea to bring in a candidate as an experiment. Too often I meet business partners that do not fit. Whatever the eventual agreement, make sure you specify the terms in writing with the help of your lawyer.

Following these steps will ensure you are ready to go to a business partnership a good start and based on a solid foundation in order to grow a strong business and can generate a lot of profit.

*) Marian Baker, MBA, Business Leadership Coach is President of Prime Strategies, http://primestrategies.com. Baker’s mission is to transform the business owners into business leaders. He implemented a system / business that has been proven, that regulates thinking, direct action and building a leadership mindset.