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CHOOSING A PARTNERBy ActionCOACH Brian Blomgren |
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Partners in business can be a tricky situation when it comes to success. Frankly most partnerships fail, but on the other hand,
the ones that succeed can achieve much greater levels of success more rapidly than if the same individuals went after the same goals alone.
Here are some of my ideas that help to guide individuals in building successful partnerships. Values This area is usually the single most critical factor that affects the relationship. Everyone has their own set of values but some are more self aware than others. Do you know what your top ten values are and just how committed are you to them? Everyone typically agrees that certain values are important but if you had to narrow down your list of ten to three and then to one, which value would you choose? Wars and conflicts are not usually started because someone is right and the other is wrong. Instead, both parties are typically right it just depends on to what degree. The same goes for values in that you will probably have to choose between two good values at some time and it is better to know the reason why one is more important ahead of time than to wait until your emotions are wrapped up in the moment. Partners must share common values and live by them to engender mutual respect. Common Goal To avoid competing interests and disagreements, partners should determine what their common goal is for their venture. One assumed goal is to make a profit, but how much profit will each of you expect to make? Also, only shareholders will be motivated by a profit goal. What shared goal will motivate not only shareholders but also customers and employees? What will be the guiding purpose of the venture that you both desire to accomplish? A devastating mistake is to blindly work together without deciding upon where it is that you are going. Without a destination any path will get you there and that path may be a treacherous one. Commitment What competing priorities are there in each other’s lives that could impact the level of commitment towards the common goal? Someone that will work nights and weekends day in and day out may experience conflict with a partner that shuts his work down at 5pm to have dinner with his family. The partner may feel that the other partner is not carrying his or her own weight. However, the difference does not necessarily have to be a bad situation that adversely affects the partnership. Although beneficial to have high levels of commitment, partners do not need to share the same level of commitment. The partners need to at a minimum communicate what their level of commitment is for the venture to each other so there is mutual understanding. Expectations There is a saying in business that in the end self-interest prevails. What do each of the partners expect to get out of the partnership? Be honest! If your self-interest involves your ego, then say so! One of the most important lessons from our Chairman Brad Sugars is to set a limit on the amount of time that you are going to work with each other. For example… “We are going to join together in this partnership for a period of five years. At the end of that period we will separate ways and the following is how we plan to do so.” You will save a lot of heartache if both partners agree on the appropriate way to exit the partnership. No one says that you cannot renew the agreement after five years. Financial Position Be careful when choosing a partner that has a great deal more experience or much deeper pockets than you. Obviously it is great to have a partner that can lend financial resources and experience that you do not possess. Just remember that if a partnership sours and breaks apart, he that has the most experience will get the money and the less experienced will get the experience. Complementary Strengths Two minds are most always better than one and a rope of two strands is strong but a rope of three strands is rarely broken. List out what strengths each partner possesses and then determine how well they match up. If one partner likes building relationships while the other likes building systems and technology then both strengths together could make a better whole. |
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Posted 2008-07-01 18:05:26
By Kevin Weir
In my almost 18 years of happily being married, we would... Read More
By Kevin Weir
In my almost 18 years of happily being married, we would... Read More
