Is your business partner right for you?

October 30, 2015

 

It sounds a bit fromage, but when you think about it starting a business with a partner or partners isn't much different than a marriage of sorts. Putting a team of like minded people together with the same commitment, vision and chutzpah is no easy task.

 

 

There are times however, where those who have set off on the startup journey have had to put their plans on hold, accept the obstacles put in their way and take a different path than the one they initially thought they could pursue. Changes aren't always a bad thing however. In some cases re-evaluating the viability of the business or the people involved can prove to be a wise, time and money saving decision.

It's important to ask tough questions of your potential business partners before going on the hunt for a location for your business. More than just the business planning, it's paramount to know if the bahaviours of the people you intend to work with are conducive to getting your project off the ground.

 

So in an effort to help you move your project to the next stage, here are a list of behaviours and attitudes that often indicate that your partner just ins't that into you, or your vision. If you're contemplating starting a business with someone run through this list and rate your partner's performance on a scale of poor to excellent. You might consider sitting with this person to go through the list and establish your expectations of each other.

 

Communication

- Partner is accessible by phone and email

- Responds to messages in a reasonable time period

- Wants to meet in person regularly

- Has a sense of presence

- Respect for each persons personal lives, family and other commitments

 

Partnership Agreement

- Agrees to create and sign a legal agreement with you overseen by a lawyer

 

Financial & Personal Transparency

- Agrees to open a business bank account with you and deposits promised capital

- Agrees to share personal credit reports, bank statements and assets

- Agrees to disclose any criminal history

 

Progress

- Establishes and adheres to a schedule of duties

- Accountable & enthusiastic

- Delivers quality work

 

Authenticity

- Demonstrates excitement and belief in the vision for the company

- Not afraid to deliver bad news

- Honest about their availability to work on the project - doesn't leave you hanging

 

Problem Solving

- demonstrates an interest in solving problems

- emotional stability

- handles stress

 

How does your partner score? After reviewing the results is this someone you wish to work with? Further to this analysis, you may even want to run through a more formal personality test or DISC test with your business associates. Knowing the personality traits of the people you intend to work with can help you accomplish your goals and nurture a great relationship.

 

Until next time.

 

- Mitch Gauzas -

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