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Episode 016 - How to choose the right business partner?

Show Notes – Episode 016 – How to choose the right business partner?

Time, money and reputation are just some of the ways you will be connected to your business partner(s). With this level of commitment Dr Ro & Harms, with some painful stories along the way, talk you through choosing the right business partner.

Now choosing the right business partner can also apply to being part of the right team, working for the right boss, co-manager, right organisation to consult or contract for and even selecting which clients you end up working with. 

Whenever there is a relationship commitment of time, money, reputation and energy, it is wise to look past the excitement of starting something new and picture yourself in the future.

What kind of industries should really pay attention to this episode:

  • Property investors doing JV’s or starting spin off companies eg. Letting Agents
  • Network marketers who are recruiting strong people to their team
  • High level performers who contract themselves to companies for longer periods
  • Startups who commit 5-10 years living in a flat together to build their dream product
  • Conventional businesses that look for strategic alliances
  • Someone changing careers and making the decision based on the boss and the team

Now with this in mind, what are the common mistakes these people can make when selecting a business partner?

  • Chasing the money as the primary objective, if its top of mind constantly, your chasing the money
  • Teaming up with friends assuming everyone has the right skills
  • Getting family involved without proper conversations
  • Skipping the exploration of vision
  • Their values are simply not aligned
  • Greed can often kick in
  • Not logically looking past the excitement of the situation
  • Both (all)  have not had the same level of personal development
  • Not having the candid conversations in advance, what happens if?
  • Not having a mentor or coach or advisor in place to be objective, think of this as your early board of advisors

Now if you have listened to the podcast you would have heard Dr Ro share some painful personal business partner stories in order to bring awareness to your current situation. The other side of the coin however are the benefits of choosing the right business partner?

  • You can grow the business faster
  • Create more opportunities
  • Share the workload
  • Share skills
  • Have someone to bounce off
  • Leverage time and skills
  • Leverage location and time zones
  • Bring different perspective and life experience to the table including cultural
  • Someone to be real with you, your employees may not, friends and family may not, clients may not, but your business partner will

Finally, the actionable part, what to consider when choosing the right business partner? Here is an 8 step process to go through with your potential business partner(s):

  1. Have an open discussion and confirm you all know what you want from this 
  2. What are YOUR values personally and professionally
  3. Establish their values… ask them about scenarios eg. What if your wife gets pregnant? 
  4. How do you want the business to conduct itself, it is also useful to paint some scenarios here and discuss how you would deal with it eg. What if the angel investor wants their money back sooner than expected?
  5. How do you want the COMMUNICATION to be between you
  6. How will issues get resolved, again paint some dark pictures and some simple scenarios which should be an easy fix
  7. Create an environment to allow the pressure to NOT build up, which means talk talk talk as often as possible
  8. Be clear on the company / business vision and ethics, state and write them

If you work through this process in advance you all will have greater clarity and confidence in the partnership beyond the excitement stages.

Wow, what an insightful episode, remember this episode is not to put you off partnering up with someone, it is here to inspire you to put in the hard work first in choosing the right partner so your business goes on to flourish.

Enjoy listening to this week’s episode.

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For a full read of the podcast, here is a full transcript of everything Dr Ro and Harms covered in this episode of the Growth Tribes Podcast. – COMING SOON

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