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Choosing a good partner for a business is essential to move forward together towards business success, as well as to avoid divisions or irreconcilable differences between the parties.
In theory, the partner of your company or venture should inspire calm and confidence, instead of being a new agent of stress, nonconformity or anxiety.
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Therefore, you cannot choose it lightly, much less let yourself be carried away by sentimentality or emotional affinities when establishing a partnership.
Steps to choose a partner
Steps to choose a partner for a business:
Choosing a good partner for a business can be more complex than you imagine, taking into consideration that this person will acquire some shares of your company.
If you want your business to be profitable, prosperous and sustainable, you need to choose a partner who is just as determined to succeed as you are.
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This person should have a deep sense of belonging to the company, as well as being deeply involved with the project.
Ideally, you want to partner with someone who complements your abilities or skills, or who masters certain areas where you have weaknesses.
That way they will create a perfect pair and will be better prepared to drive the business to the top.
In this opportunity we would like to share with you seven basic recommendations to choose a partner for a business in an intelligent and strategic way:
1. Choose with propriety, authority and wisdom
It is natural that you want to associate with a friend, relative or relative, because it is a person you already trust.
However, you must establish a difference between your personal relationship with these people and the abilities or talents they may have to lead a work team or a company.
It is not about underestimating their skills, or underestimating their potential, but about objectively evaluating to what extent they could be good candidates for your business.
Keep in mind that your partner must add value to the company. In addition, you should see it as a very expensive additional resource (since it is remunerated with shares).
Additionally, he will be a key person for your business, since depending on his actions or performance, he could forcefully drive it towards success, or completely paralyze its activities.
It is important that you understand that you are going to work very closely with your partner and that you will entrust him with a company that will cost you time, money and sacrifices.
Consequently, you should make sure to research and weigh their business, and even financial and personal, background before joining.
2. Define what type of partner your company needs
types of partnersDid you know that there are different types of partners? Or that not all of them have the ideal profile to help you expand your company?
Indeed, it is necessary that you determine the type of partner that your company or venture needs, so that you can be sure of locating the ideal prospect.
Although theoretically, the number of partners, as well as their type, depends on the legal definition of each company.
For example, a limited liability company only admits one partner, while a cooperative society can have up to four types of partners.
Entrepreneurs or businessmen often prefer a capital partner, but they must keep in mind that this will be limited to contributing money.
In other words, their interference in the day-to-day business will be practically nil. On the other hand, the partners who contribute capital, and who are also actively involved in the project, usually have a higher value.
3. Evaluate the real contribution to the company
If you already have a list of candidates, it is important that you ask yourself the following question: What will be their real contribution to the company?
The answer to that question could help you choose a partner for a business that really adds to you, or adds value, instead of subtracting or inciting differences.
Evaluate to what extent their decisions and contributions will translate into greater benefits, profits and profitability for your company.
The more points you have in your favour, the more likely you are to be a good partner for a business.
4. Find out about their values
Values for choosing a partnerAccording to a report by Expansión magazine, it is vital that you get to know your potential partner on a personal basis, and not just from a professional perspective.
Associating yourself with an ambitious, ruthless or unscrupulous person could literally ruin your life.
Perhaps his hunger for power and self-improvement will help him expand or develop the company, but you really need to weigh the cost of this.
To do this, you must engage in assertive conversations, communicate consciously, inquire about their system of beliefs or values, as well as know what motivates, dislikes or disappoints them.
Only then can you determine if that person is qualified to run your company in an ethical, professional and transparent manner.
5. Choose a partner that complements you
Some people are convinced that partnerships are similar to a marriage, to the point that they can last a lifetime.
Starting from this premise, it is important that you choose a partner for a business that complements you, and that does not have your same personality or character.
In fact, some studies have shown that the most prosperous and lasting companies and companies have been made up of two partners with different but complementary characters.
Do not forget that in many cases the success of a company does not lie in the talents or technical capabilities of its partners or members, but in the affinity that exists between them.
6. Define a partner agreement in advance
When it comes to founding a company, or choosing a partner for a business, you must act with caution, foresight, responsibility and commitment.
This implies anticipating some events, and anticipating possible scenarios that could play against you.
So it is prudent to draw up a partner agreement in advance to avoid future unforeseen events or misunderstandings.
This document must contemplate all the relevant details of the company, and in addition, these must be approved by your partner.
Some of the aspects to take into account in said agreement are:
• Projected billing.
• Estimated Earnings.
• Shared actions.
• Number of employees the company will have.
• Business goals and objectives.
• Charges, tasks, roles and responsibilities.
7. Research prospects online
Currently you have the possibility of choosing a good partner for a business through the Internet.
Indeed, there are platforms specially designed to help you find the most suitable partner for your company, startup or enterprise, such as:
• Interpartners.
• BuscoSocio.info
• Meet-up.
• Heavenzz.
By making sure to search smart you could connect with potential partners for your business, from wherever you are.
However, you should exercise caution and not get carried away by first impressions online, as you could end up harmed.
Remember that choosing a partner for a business is a task that requires maturity, strategy, planning and insight.
Choose a partner for a business that complements you
Choosing a partner for a business can be challenging and complex. That is why we have just shared some basic recommendations that could make your job easier.
If you dare to follow these practical tips you could choose wisely, and this could offer you extraordinary results in the short, medium and long term.
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