Finding the right business partner is a risk all on its own. Get it wrong and you will be royally screwed. Get it right; you might still be royally screwed, because people change. A once motivated and ambitious man would no longer be motivated or ambitious if he suddenly loses a member of his family (forgive my cynicism), hits the lotto, or simply just changes and wants to move in a different direction. However, there are certain things you can do to minimize your chances of picking a lemon for a partner.
1. They Must Be Smarter Than You: Yea, why not. Look for a partner that’s smarter than you and learn as much as you can from them. Having a partner that’s smarter than you will also give you a little peace of mind. This would mean that you’re not the only one who’s proactive and always thinking of the growth of the business.
2. Paper Work: Get all the paper work to protect you and your partners done early. Oh, and don’t forget to get the one that protects you in the event your partner hits the lotto and suddenly becomes complacent and satisfied; but who can blame him/her for being content with a couple of million sitting in their account.
3. Check References: Contact a couple of people that have worked with this potential partner in the past. Obviously they are all going to say wonderful things if he provides you with the references. So don’t be lazy and find his references on your own; ask the right questions and you might just get the answers you’re looking for.
4. They Must Have More Connections Than You: Remember, to climb the ladder of success, you don’t need more techniques and strategies; you need more friends. Having a partner that’s connected connects you as well. And knowing the right people opens doors.
5. Know your own skills and experience: You’ve got to know your strength and weaknesses so your can search for a partner to complement them.
6. Respect your respective abilities: The same way you know your strength and weaknesses, you should also know your partners. Know what your partner is capable of doing and willing to do. This is a way to avoid any conflict that may arise in the future.
Image by svilen001.