Many businesses thrive on account
of being run by a partnership. There are a few important things to look
out for when identifying your perfect match:
Complementary skills
If your talent is being the front face of the company and you
relish going out to meet clients and do deals, find a partner who
prefers the nuts and bolts of operations and who will make sure the
business runs smoothly whilst you’re on the road. Having different yet
complementary skills helps define the role you and your partner will
play.
One note of caution … if you’re business is already established and
you’re approached by a fellow business owner who wants to partner, bear
in mind that by virtue of being a business owner means you like being
in control. Be sure you feel comfortable with having two people who like
being in control, in control! What often works well is a business owner
finding a partner who is an adviser or a former business owner as they
put your interests first and no longer have anything to prove in their
own business.
Shared vision
You may be different in nature and talents, but where you do need
to be as one is in the vision for the business. Have a shared vision for
what you would like to achieve, the way in which you’ll go about it
and, how you would ideally like to exit the business
(sale/succession/buy-out etc)
Trust
This is a critical one. It takes a while to establish (and
partnerships are not something to be rushed in to .. again .. just like
marriages!) but it’s so important to have trust in the person with whom
you are partnering. This is why we see so many family teams
(husbands/wives or brothers/sisters) coming together; they trust each
other implicitly. Try to find that in your own match.
The relationship grows
To allow the partnership to flourish, there are three points to bear in mind:
Have clear roles – decide who is doing what in a way that makes the most of your particular skills
Work in separate space – we often hear from husbands and wives who
run one business but work from separate spaces in the home. In my first
business my partner and I worked from separate offices, in separate
homes!
Communicate often – you may have your own role to play, and work in
separate space, but be sure to talk .. and keep on talking. Tools such
as Basecamp, Google Docs and Huddle have made project management and communication so much more effective.
Plan for break-up
It may be that your business partnership lasts a lifetime or it may
be it lasts until you sell or receive investment. Either way, draw up
an agreement at the very beginning of the partnership that sets out what
happens in the event of break-up; it’s like a pre-nup for business.
A successful business partnership will bring you happiness and
financial reward. It’s someone with whom you share the business highs ..
and the occasional days when things don’t go according to plan. It can
be one of the most important relationships you’ll have. Find that person
with care and treat them well.
Happy Business Valentines Day!
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