How to Choose the Right Business Partner

by | Feb 2, 2024 | Business Partnerships

Having the right partner in business is as crucial as having the right partner in marriage.  We all are aware of the high divorce rate in marriage.  It is equally high or higher in business partnerships.

In both cases, divorce can be avoided if we would take more care in choosing the right partner.  In many cases, it is not true that the wrong partner was chosen, but rather the partners don’t know how to do the relationship.    The relationship requires getting to know each other beyond “we are excited about the same business idea and have complementary skills”.

There is much more to it and it requires an ongoing conversation at the outset and later within the business in a scheduled manner.

If you have vetted each other in terms of values, personality, work style and long term vision for the business, and find that you are on the same page, you will have the basis to build the foundation.

It’s not required that you have the same work style for example or even the same long term vision.  It means that you talk about it while getting to know each other and find solutions to work out the differences.  Not everything can be worked out, but better to know in the beginning, when you still can shake hands and walk away.

As you get to know each  other and make progress in discovering that you share the important elements, mainly values, then your respect for each other and trust should grow.

Check out The Guide To Choosing the Right Partner will walk you through the valuable discussions needed.