10 Things to Look for in a Potential Business Partner

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Chances are great that an old friend or new one will want to chat about your business idea. You and your partner must be on the same page when it comes to the reason for your company's existence--the values that will guide you and the places you want your business to go. Find someone who shares your dream and that you have chemistry with.

10 Things to Look for in a Potential Business Partner

To give you a great browsing experience free of charge, this site uses cookies. Cookies help us personalize content and ads, provide social media features, track your preferences, and analyze traffic. Forbes may share this information with its advertising, analytics, and social media partners, who may use it with information you have provided to them in connection with their services. Ideally, partners contribute diverse skills and talents to their business, providing a sense of wholeness that no one partner could have achieved alone. However, the intensity of sharing a professional identity, coupled with the knowledge that your partner is impacting your survival, brings huge potential for conflict. And investors prefer to invest in teams. However, according to Wasserman, 65% of high-potential startups fail as a result of conflict among co-founders. Often, the most successful teams are made up of people who worked together in the past. On the other hand, married couples, family members, and friends often hit a brick wall when their blurry relationship boundaries overlap and make it difficult to hold conversations that might hurt feelings and produce a negative impact in their outside-of-business life. My doctoral dissertation documented my study of the business partner relationships. During that process I learned that many successful partnerships share some key characteristics. Here is what you need to know to make choosing a partner a step towards success. There is a trust continuum. Mistrust is very difficult to overcome and can doom a partnership. True trust builds over time. So a sense of increasing trust means you are on the right path. Successful partners generally agree on standards regarding what is desirable, undesirable, good, and bad. These values guide their actions, judgments, and choices. Your values shape your personal and professional identities so they typically carry a strong emotional charge. Successful partners will possess different complementary skills and traits. The marketing gal from the technical guy are readily distinguished. Other necessary variables are often not so apparent. Partnerships have a distinct advantage in that two or more invested people are available to perform these three functions. In successful partnerships each partner believes their rewards are equal or exceed their contributions. Casual acquaintances can maintain this sense of equity by keeping track of the benefits they exchange. However, in long-term and more committed relationships keeping track is unhealthy. From birth to death, each of us is consistently moving through a process of change. And, sometimes change is viewed as a threat to the status quo. Successful partners embrace change and growth, knowing that this attitude benefits them both individually and as a team. When people share a close connection, competing and avoiding are not effective conflict management strategies. Use those strategies only when no on-going relationship exists. Instead, successful partners will use proactive and strategic approaches to conflict management such as accommodation, compromise, and collaboration to resolve their differences. When partners hold different visions they can easily become discouraged, overwhelmed, and disconnected. In order to create and benefit from a shared vision, four tasks are necessary: creating the initial vision, translating that vision into a set of actions, articulating and selling the vision to others, and holding true to the essence of the vision when reality changes the plans. Without an exit strategy in place partners can be faced with making crucial decisions at a time when they are least levelheaded. An exit strategy is a shared sense of when and how an alliance will end. A written exit strategy should be included in every business plan. However, even though planning for the end is a critical aspect business ownership, it is one of the most neglected. An exit is easy to avoid when the issue is not pressing and raising it might sour the deal or suggest a lack of trust. An exit plan should answer four questions: what events might trigger an end to the partnership; how will the business be valued at the end; which options for future ownership are acceptable; and what post-alliance ties and restrictions, such as non-compete clauses, need to be included. Having the right partners allows you to create results that would otherwise be unobtainable. Using these eight strategies to select your next business partner will increase your potential for creating true synergy through a partnership that is greater than the sum of its parts. Elinor Robin, PhD is a mediator and mediation trainer specializing in workplace and family conflict management. Find out more at and ElinorRobinPhD.

Here are some questions to ask before deciding if is a good idea: You should look for a business partner who brings something different to the table than you do. Contracting is a much better way to build a u, if your business can afford it. Confidence As a business owner, you must be decisive in making both big and small decisions for your company. Opinions expressed by Entrepreneur contributors are their own. Other times, they pick people who are so different from themselves that they are in prime conflict. A safer way to shop online Compare and apply for the best debit card for your daily transactions. Chances are these are areas that could benefit from some extra support. Lots of unexpected things will come up, but if you are fair, smart and responsible, you'll be able to get through anything together, and your potential partner should see why you're a catch. You will need to be able to communicate effectively with your partner to make decisions, set goals, and drive the business forward. No more debt - instant 0% interest Move your con to a low interest balance transfer credit card. Good problem solvers solve the root cause of problems and do not just address the symptoms.