The attributes that a business partner should seek are a very important question for both the business owner and the company. The business owner would be financially, personally, and professionally connected to the potential partner, and therefore must create good synergies to ensure that the business grows in the right direction. It is similar to choosing a life partner. You may spend roughly the same amount of time with your business partner as with your life partner, and both of you should make sure that the partnership doesn’t end badly. Let’s take a look at the important things to keep in mind when looking for business partners, the below came from Mizael Partners in Australia:
The main question is: “Why do you need a partner?” What does the business require that you cannot spend time on? You should focus on the requirements and then start searching.
Both partners have to trust each other. The integrity of the partners is also important. The partners would handle a good amount of money and make many decisions. You have to anticipate and address the concerns of others.
Not everyone has experience in everything. The potential partner must have experience in an area where the existing partner does not have much to ensure that they complement each other. For example, if you see the big picture, you should look for a partner who works on small details.
Different experiences can lead to small conflicts when setting priorities, etc. However, it is more important to consider all aspects before making a decision. If your business needs networks, the next partner must have an existing network and can create new networks.
Different people have different strengths. Both partners must understand, appreciate, and use each other’s strengths.
The potential partner must be open enough to say “no” when the company demands that it is on the right track.
A good partner should be able to get involved when necessary (not too much). For example, leave time for an urgent family business meeting.
Partners should not spend time equally, but it is very important to have a mutual understanding of expected time commitments. Setting a partner expectation level for the amount of time spent initially would avoid future misunderstandings.
Last but not the lease, the partner must also have a good overall credit rating. This applies if your company wants to obtain a loan. But otherwise, people with good credit ratings are generally better organized.
The potential partner must understand the vision and long-term business goals as well as existing partners. Any differences should be resolved as soon as possible to avoid the partners disagreeing.
In short, finding business partners is not an easy task from all angles. Therefore, you should review all the parameters carefully and then decide.