Your business is something you give birth to and will have to nurture to help it grow. You need a business partner that has the same approach and who deals with the business at the same level of enthusiasm and commitment that you have, but who also shares the same “parenting” philosophies.
1. Finding a Business Partner is Like Finding a Spouse
Finding a business partner is as serious as finding a spouse. A partnership is a long-term, legal binding contract between two (or more) people. You will spend a lot of time planning major business events with your partner and need to be able to get along with him/her.
2. Trust & Respect are Necessary Ingredients to Forming a Successful Partnership
You should never partner with someone that you do not respect and trust. The main purpose of forming a partnership is to achieve success as a team. You may not value the opinion and efforts of someone you do not respect – at least on a professional level. You also want to partner with someone that will show you respect as a partner, business professional, and as the co-founder of your business.
3. Sharing Same Work Values, Ethics & Vision
Of all the things to look for in a partner, this is probably the most important. You will need to be able to communicate effectively and smoothly with your partner to make the right decisions, set goals, and drive the business forward. If you partner with someone that is reluctant, unethical, or unable to consider your viewpoint it will be harder to be successful.
If the person is a good friend, make sure that their goals, values and responsibilities are aligned with yours. Don’t assume just because you get along as friends that you can be good business partners. Good friendship can be a great added component to a partnership but not the main flavored ingredient, we would say it is more like the cherry on top.
Just like in marriage, money is always one of the major sensitive issues in a business partnership. This is a major element on the list for a reason. Bottom line, do you trust this individual with your personal bank account? If the answer is “no,” then think twice. As partners, everything should be legally documented and ethically distributed for a smooth work relation. Such bumps can lead to major catastrophes that will in turn lead to the destruction of something great that was simply unorganized and treated un-wisely.
About the authors
Mina Abdul Hussein – art director, shoe lover, visionary, eternal wanderer, and Carine Daher – independent thinker, optimist, lover of all things beautiful, co-founded Garage Luxein 2013, an upscale e-commerce consignment platform that specializes in selling new along with gently used designer goods.