Tips for a Successful Partnership – 10 question to ask before committing to a business partner
Life is blessed with different types of relationship be it emotional or professional and as we all know that these relationship sustain only when our our partner is potential , so its very important to X-ray your partner quality including how his or her finance and family life may affect the business before signing on the dotted lines.
its really tough to build a business ,you might feel that it’s easy to go alone but even most successful business giants like Facebook or Google need partner to carry them. Having a partner is great way to gain moral and tactical support BUT ITS VERY IMPORTANT THAT YOU ARE PARTNERING WITH RIGHT PEOPLE.
I don’t know exactly how to to know the quality of our business partner ,but these few points might help to certain extent.
- What do you need from business partner.
- you need someone who brings something different to the table than you bring.
- Look for someone who have better access to market or having a great connection .
- someone having a good equation with people.
- someone who compliment your skill and personality.
2. What is your potential partner financial situation ?
- before getting into a venture you must know the financial status of your partner.
- if a person is having a huge financial obligation and promises to create a huge revenue then show red flag to him.
3. What are the potential partner expectation on the time involved?
- its important to know about the expected time commitment of your partner.
- make sure that the time the your partner expect to put into the venture meet your expectation .
4. Is your partners commitment to the business as strong as yours?
- make sure that your partner commitment to the business is equal to yours.
- Try to keep your personal relationship with your partner away from your financial relationship otherwise it may damage your brand.
5. How would he or she handle the tough situation
- its important to know what your partner will do if he has his back up against the wall and it will happen . the best way to discover this is to look at what he has done in past business ventures .
6. Is there something in your potential partner’s family life that might make the business a secondary interest?
- its very important to know the family status of your partner for example if your potential partner has a pregnant wife or is taking care of an elderly parent , he may be distracted from the business .
- if they are too distracted by a family issue or their family it may be a bad signal for your partnership.
7. What question do they have for me?
- its very important to know what question your partner is having for you in case he is having nothing to ask. it may be a signal of his disinterest in the business for example if a potential employee does not ask any question in a job interview . you might be less likely to hire him because of a perceived lack of interest.the same apply to a potential business partner .
8. Are they willing to write everything in writing ?
- many partnership are cemented with a handshake , but this can be a recipe for disaster. its crucial to put it on paper — not only what is expected of each partner,but the consequences if expectations are not met.
9. What Motivates Your Partner?
- In order to form a healthy partnership you should focus on your partners motivation area potential .
- As we all know profit motivates a firm,higher wages motivate a labour .
- In short asking your partner what motivates them will help you to identify possible misalignments before you enter into any kind of partnership.
10. Is Your Partner Who They Say They Are?
- its very tough to see the real image of everyone but at-least we can try instead of blindly favouring what our partner is showcasing .
- If you’re looking for someone with certain connections, verify that they actually have those connections before making a commitment.
In addition, pay careful attention to what others who have worked with them have to say, as reading between the lines can reveal character flaws that might not otherwise be disclosed. And finally, consider their reputation in the community. This way, you can be sure that you’re working with a reliable, trustworthy partnership candidate.
At last the do you really need a partner.
if you can get someone to do something without giving them a stake in your business its always better. People get wrapped in the idea if needing to work with someone but its not always a good idea. sometimes you need somebody to show up from 9 to 5 work hard and go home
Conclusion; envision the rough times ahead for a new venture because its always the best time to address potential problems with your partner at the beginning before emotions run high .you cant predict every potential problem but a good start-up lawyer can help you work through some of the common problems.