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What do you look for when looking for a business partner?
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9 Answers
"A friendship founded on business is a good deal better than a business founded on friendship." - John D. Rockefeller
For a variety of good reasons people partner up to purchase a business, whether it be one partner contributing the funds and the other putting in the time and knowledge or both simply deciding to split up the responsibilities.
Sometimes one person may not have all necessary skills to operate a business and needs a partner or a team to round out the required talent roster. As long as ample forethought and planning goes into the formation of a partnership it can, indeed, be a great way to achieve a business acquisition.
Since partners are liable for the business activities of the other, and a partnership is typically much easier to get into than to get out of, you'll want to achieve mutual clarity upfront. Engage a good business attorney to draft legal documents that are specifically tailored to your business circumstances. You may wish to discuss the following two documents with your attorney.
1) Shareholders or Operating Agreement
2) Buy-Sell Agreement
Read my entire article here: http://blog.certifiedbb.com/2011/10/buying-business-with-partner-plan-ahead.html
Partnership in business is no different from a marriage between a man and a women. Communication is the key, being completely honest, and open with your partner. The main thing do not compromise and let the other win, come to a solution where its beneficial to both. Both of the partners should have almost the same aspect on the economy and how the business world works. Opposites attract but not in the business world it simply destroys both of them. Rather than making one person happy. With that said keep it professional in the workplace, and when I say be open with your partner I don't mean about your personal life.
I assume (you know the danger in that) you mean strategic or joint venture, not actual partner.
Based on that assumption, I look for a) synergies in companies, b) marketing strategy and c) personalities.
I can expound if you want....
How much eager he/she about the business.
For a close business relationship, it must come down to alignment. On core values, on strategic approaches to the market, on style and personality, on energy and enthusiasm for mutual prospects. In the words of a great teacher, the rest is commentary.
We look for someone who thinks and acts 'startup'. We are a marketing firm that are brought in by VCs to position, staff and launch their portfolio companies. While we've worked with many of the top marketing, pr and advertising firms over the years, only a select few have the mindset and flexibility to deal with the frustrations, pivots (a euphemism for change of direction) and pace of our clients. It's not a judgment of those who can't (or don't want to) play in this arena. But it's a different world, one that requires different players.
My vote is for core values first, second and third. Without having someone who shares the same positive core values, you can quickly lose your established credibility and this will cost you far more dollars than any strategic partnership can realize.
Honesty, trust, fairness and responsiveness. The rest can be worked out.
Honesty and very hard efficient work together to achieve our goals
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