How to Choose the Right Business Partner

Choosing the right business partner is extremely important for your company’s future, and has been instrumental in ours. 

I was in business for about 12 years before bringing in a business partner. It was necessary for firm growth, as it would free me up to grow my business in different ways than what I was able to do before. I could remove myself from the day-to-day and plunge deeper into shaping how the business would grow and defining our culture. 

Choosing a partner felt like the natural next step, and who I chose also felt like the natural choice. 

I’ve found that finding a business partner is a lot like dating, and maintaining that relationship is a lot like marriage! Who would have thought? The foundation of trust that our relationship was built upon made transitioning from a sole proprietor to a partnership one hundred times easier.

I could trust Larisa, my business partner, with everything. 

This did not come without fear, however; there were many moments of wondering “what if our relationship changes?” and other similar thoughts! Having these thoughts is totally normal for any big transition like this. 

The bottom line is, our partnership works because we aren’t afraid to hold back with what we are thinking. It’s a natural feeling for sole proprietors to fear giving up control of their business. What they are missing in those moments of fear, is the freedom that comes with sharing the burdens [and triumphs] of business ownership with a trusted friend and business partner. 

A few quick tips to help in your search:

1. Find someone you can trust with everything, and I say “everything” because your business probably is everything. It’s your baby. You want to make sure it’s in good hands.
2. Find someone whose personality, strengths, weaknesses, complement yours.
3. Find someone who can challenge you to think differently and encourage you when you need it. 

I hope that this has been helpful for you in your business partnership search. If you are looking for more personalized advising on the matter, please contact us for information on our services in business advising.