What Questions to Ask a Potential Business Partner
“If they look like you, it may be more convenient, but it may not be what you need,” said William M. Moore, founder of Moore Firm in San Diego, a law firm serving entrepreneurs. “You need someone to complement your skills and personality.” A partnership – especially between friends – can start with fun and excitement, but in no time, the chore of each day catches up with you. If they`re not as committed to the business as you are, they can lose their enthusiasm and hurt the brand every time you open your doors. “How much time are you willing to devote to the company?” Not all answers need to be the same between business partners, but at least you need to know what to expect. Find out how long they last for a long time before entering into a partnership where you feel like you`re doing all the work. “It`s important to understand where the skills of you and your business partner compare and differ. In my experience, the best business partnerships are those where partners have complementary skills, but it`s also important to understand where the overlap occurs. A thorough understanding of each person`s strengths and weaknesses will help divide tasks and collaborate.
“~ Doreen Bloch, Poshly Inc. An ideal business partner will not only share your values and goals, but also possess qualities that complement yours. This will help you approach meetings, investment decisions and more with the same dedication. At the same time, finding a partner with qualities that complement yours protects against potential blind spots and ensures your business stays fresh. “If you`re poor in money or it`s a startup and you don`t expect to make money right away, acquiring a partner may be a better option,” Moore said. “But if you can just pay someone to show up and work, that`s usually a better option than giving them a share of the business.” #2 is very important. You don`t want to get into a partnership with you that does almost all the work. It is a partnership.
You should work together to achieve your goals. While this can be sacrificed if the company has a vast network that you can access, the work should be almost the same for the benefit of your team. Building a successful real estate team starts with finding the ideal business partner. In some cases, investors may even look for a partner to help them start a business. People go through periods of instability or doubt in their lives that can affect an otherwise good business partnership. Remember what motivated you to start your business? This “why” is probably your driving force behind your value ethic, business decisions, and more. Just as you know your “why” at your fingertips, it`s important to know that of your business partners. Ask them why they got into real estate, what they hope to achieve and how. This will eliminate anyone who lacks direction, who may not be reliable or motivated in the long run. “Partnerships are great when everything works as planned. But what happens when something goes wrong? How will they react? What does she care about the most? What resources are available if needed? Whether it`s an investor, reseller, or development partner, you need to understand how they react under duress and what milestones you can set to identify problems quickly and react quickly.
“~ Trevor Sumner, LocalVox The best partners I`ve worked with in the past are humble and clear about their motivations and values. Understanding where each person comes from and what your reasons for working together are is paramount to a long-term business partnership. “The partner can say, `My wife is 100% behind me. “But I want to talk to the woman,” Phibbs said. “If they are too distracted by a family problem or if their family is not behind them, the business can be doomed to failure from the beginning.” One important thing to remember is that you will also be interviewed. A business partnership is a one-way street and it`s crucial that your visions align. When you have a better idea of who they are, open the conversation and see what questions they have for you. I hope that at this point you have covered the main topics (such as expectations, goals and values), but they may still have questions for you. In some cases, a partner may call you a “co-founder,” but they really want to hire you, give you 5% of the business, and get as much work as possible. Some people agree. “If you`re dealing with someone else, you need to make sure you`re both trying to run the business in the same place. Otherwise, you`ll be shooting each other in a tug-of-war that no one can win.
Ask a potential business partner to define their short- and long-term vision and goals. ~Nick Friedman, College Hunks Hauling Junk and College Hunks Moving Take notes when you think about your ideal business partnership, these will help guide your research. The following features are a good place to start when looking for a potential business partner: Do you know what questions to ask a potential partner? Share your tips for forming a business partnership in the comments below. Many partnerships are cemented by a handshake, but this can be a recipe for disaster. It`s important to put it on paper – not only what is expected of each partner, but also the consequences if expectations are not met. How much capital do you plan to bring to the company? “It`s easy for partners to overlook the amount of work required to ensure a company`s success. The reality is that you should plan to work 40 to 60 hours a week on a startup. If one of the partners does not intend to work as much, it is better that he is very good at what he does and extremely efficient.
Otherwise, it will cause all kinds of problems. ~Dave Nevogt, Hubstaff.com Here are some questions you should ask yourself before deciding if a partnership is a good idea: Build a relationship on many levels: The more relationships you can build with members of a company, the better. Spending time getting to know several members of the company you want to work with will make it easier for you to speed up the transaction process. “Business partners often agree on the work to be done and the direction the product should take. But they don`t bother to discuss the details when it comes to success and failure. Ask a potential business partner to clarify what success in the business would look like (specific revenue goals or valuation/sales amount) and what a failure looks like so that you are both crystal clear. “~ Susan Strayer LaMotte, exaqueo No business partnership is without difficulty. For a business partnership to be successful, both parties must be in full agreement.
Everyone needs to be open, honest and transparent about who they are and what they know so that each party understands who they are dealing with. .