Business Partnership

In a perfect world a business partner will allow your business to accelerate the learning curve and grow as quickly as possible,  and creating a better world requires teamwork, partnerships, and collaboration, as we need an entire army of companies to work together to build a better world within the next few decades. This means corporations must embrace the benefits of cooperating with one another.

 

 

 

Examine Strengths & Weaknesses

As you consider a partner assess which parts of the business you need help in. If you are struggling getting developing your business brand you may need someone who knows marketing and can best utilize technology. Do what know what you do best? How about which areas your prospective partner excels at? The best business partners often fill a void where you may be lacking.

Discuss Rules And Guidelines

If you don’t discuss every potential scenario with your partner you are bound to get into an uncomfortable situation. Your ideal scenario for a deal may be totally different than your partner’s expectations. Prior to doing anything sit down and discuss best and worst case scenarios, responsibilities and timeframes. There is a discussion at a networking meeting and the next thing they know a partnership is formed on a deal.

Goals

Are you looking for a partner on a one off deal or do you want something for the long term? Do you want to focus on rehabs and flips or are you looking for rental properties? How much time are you willing to commit to the business and how much capital can you invest? All of these questions shape the way you see the business.

Get Something In Writing

When it does you need to have an agreement in place to help divvy up assets or guide you moving forward. If your partner refuses to sign an agreement it can be viewed as a red flag that they may not be the best partner for you. Most people in business understand the importance of a written agreement and will be more than open to signing something. Signing an operating agreement is not like asking your spouse to sign a prenuptial agreement. If you do not have a signed agreement you are opening yourself up to financial loss and possible litigation.

Don’t Take Anything Personally

Just because your partner may not feel the same way as you on a deal doesn’t mean they don’t respect you or value your contributions. You need to have thick skin and hope your partner feels the same. One of the reasons you are in a partnership in the first place is because you want to be able to bounce ideas and scenarios off someone else.

A strong partnership can take your business to a whole new level. Finding someone new to work with can be an exciting period in your business.  Before committing take your time and make sure they are a good fit for you.