Looking for a partner? Secrets of success for business partnerships

Many businesses thrive on account of being run by a partnership, but it can be difficult to get that relationship right. There are a few important things to look out for when identifying your perfect match:

Complementary skills

If your talent is being the front face of the company and you relish goingout to meet clients and do deals, find a partner who prefers the nuts andbolts of operations and who will make sure the business runs smoothlywhilst you’re on the road. Having different yet complementary skills helpsdefine the role you and your partner will play.

One note of caution … if you’re business is already established and you’reapproached by a fellow business owner who wants to partner, bear in mindthat by virtue of being a business owner means you like being in control. Besure you feel comfortable with having two people who like being in control,in control! What often works well is a business owner finding a partner whois an adviser or a former business owner as they put your interests firstand no longer have anything to prove in their own business.

Shared vision

You may be different in nature and talents, but where you do need to be asone is in the vision for the business. Have a shared vision for what youwould like to achieve, the way in which you’ll go about it and, how youwould ideally like to exit the business (sale/succession/buy-out etc)

Trust

This is a critical one. It takes a while to establish (and partnerships arenot something to be rushed in to .. again .. just like marriages!) but it’sso important to have trust in the person with whom you are partnering. Thisis why we see so many family teams (husbands/wives or brothers/sisters)coming together; they trust each other implicitly. Try to find that in yourown match.

The relationship grows

To allow the partnership to flourish, there are three points to bear in mind:

• Have clear roles – decide who is doing what in a way that makes the most ofyour particular skills
• Work in separate space – we often hear from husbands and wives who run onebusiness but work from separate spaces in the home. In my first business mypartner and I worked from separate offices, in separate homes!
• Communicate often – you may have your own role to play, and work in separatespace, but be sure to talk … and keep on talking. Tools such as Basecamp, Google Docs and Huddle have made project management and communication so much more effective.

Plan for break-up

It may be that your business partnership lasts a lifetime or maybeuntil you sell or receive investment. Either way, draw up an agreementat the very beginning of the partnership that sets out what happens in theevent of break-up; it’s like a pre-nup for business.

A successful business partnership will bring you happiness and financialreward. It’s someone with whom you share the business highs .. and theoccasional days when things don’t go according to plan. It can be one of themost important relationships you’ll have. Find that person with care andtreat them well.

Emma Jones is Founder of Enterprise Nation the home business website and author of ‘Spare Room Start Up – how to start a business from home.’ She has recently released her latest book ‘Working 5 to 9 – how to start a business in your spare time’.

Image by Mulloy ~ cc

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