If you started a business on your own it can be easy to think that you can handle all of the work. Being able to start a business by yourself is one thing, but running it by yourself is a completely different matter. Alexander F Bouri did start Seament Holding on his own, but he had plenty of other people to help run things and give their own input on business decisions. It isn’t uncommon for some business owners to start looking for a partner after a few years so that they can lessen some of their workload. If you’re thinking of finding a partner, try to remember this advice when you’re searching.
Know the difference between a partner and an assistant
Most you reading this are probably wondering how someone could possibly not know what a partner or an assistant is, but a lot of business owners end up hiring a partner that they treat like an assistant. Your partner is going to be involved in all of your major business decisions, and you may not always have things go your way. If you want someone you can be innovative with and someone who can be a co-leader of your company, you want to have a partner. If you simply want someone to do extra work so that you have more time to focus on other things, you want to have an assistant.
Avoid people with a lot of personal issues
You think that one of the managers in sales would make an excellent partner, but recently they’ve been spending a lot of time at work complaining about the problems they’re having with a divorce. You interviewed someone that seems like a passionate go-getter, but when you talked about their past experience they went on a long rant about how much they hated their old boss. Personal problems and past bitterness wouldn’t affect someone’s ability to work in a perfect world, but in reality it’s very easy to ignore your work responsibilities because of other problems. You need someone who can focus on their job and give everything they do 110%, and someone with a lot of personal problems they’re comfortable complaining about in public won’t be.
Make sure they have good money sense
You may find someone with a strong history of leadership and improving companies, but if they have a history of money problems you should put their resume in the “no” pile. As a business partner they’re going to need to make wise financial decisions and they’re going to have access to company money. Someone who can’t handle their money can’t run a profitable business.
Look for experience
It can be difficult to find people with experience being a partner in a business, mainly because most partners stay with the one company that made them a partner. You want to look for a partner that has a strong sense of leadership, but leadership isn’t the only quality a partner should have. A partner should be innovative, and comfortable trying new things to improve your business. They should have no problem multi-tasking, and should have excellent communication skills.
Know the difference between a partner and an assistant
Most you reading this are probably wondering how someone could possibly not know what a partner or an assistant is, but a lot of business owners end up hiring a partner that they treat like an assistant. Your partner is going to be involved in all of your major business decisions, and you may not always have things go your way. If you want someone you can be innovative with and someone who can be a co-leader of your company, you want to have a partner. If you simply want someone to do extra work so that you have more time to focus on other things, you want to have an assistant.
Avoid people with a lot of personal issues
You think that one of the managers in sales would make an excellent partner, but recently they’ve been spending a lot of time at work complaining about the problems they’re having with a divorce. You interviewed someone that seems like a passionate go-getter, but when you talked about their past experience they went on a long rant about how much they hated their old boss. Personal problems and past bitterness wouldn’t affect someone’s ability to work in a perfect world, but in reality it’s very easy to ignore your work responsibilities because of other problems. You need someone who can focus on their job and give everything they do 110%, and someone with a lot of personal problems they’re comfortable complaining about in public won’t be.
Make sure they have good money sense
You may find someone with a strong history of leadership and improving companies, but if they have a history of money problems you should put their resume in the “no” pile. As a business partner they’re going to need to make wise financial decisions and they’re going to have access to company money. Someone who can’t handle their money can’t run a profitable business.
Look for experience
It can be difficult to find people with experience being a partner in a business, mainly because most partners stay with the one company that made them a partner. You want to look for a partner that has a strong sense of leadership, but leadership isn’t the only quality a partner should have. A partner should be innovative, and comfortable trying new things to improve your business. They should have no problem multi-tasking, and should have excellent communication skills.