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Small Business Success: Choosing a Business Partner

Video Transcription

David Nilssen:

The question we’re going to address is whether or not to have a partner when you open a small business or franchise. Now if you’re somebody who prefers collaboration and shared accountability, then a partnership could be a great option for you. I mean the reality is we all have strengths; things that we do well, things that give us energy and then of course weaknesses and a good partnership should balance those things out. I started guiding in 2003 with a partner Jeremy Ames. Now while we’re very similar in some ways we definitely do have that good balance. My leadership style and decision making process is very intuitive, while he is more data driven. And the balance of those two things together has helped us make good decisions over the long haul.

Now there’s a few things to consider if you’re choosing a partner. The first would be their passion for the project or they committed their financial capacity or capabilities and then their emotional maturity. But I would say that the number one thing that somebody should consider when choosing a partner is whether or not that individual has the same value system. It’s easy to be a great partner when things are going well. What you really understand about people is that it’s difficult to be partners when things are not really going right. And if your partner doesn’t believe the things that you believe or act different under pressure that can create real challenges. But in general if those two things come together, it can be a wonderful partnership and a recipe for future success.

Short tech investor Barbara Cochran says that having a partner can increase your opportunity for success by five fold. I would tend to agree. And now it’s up for you to decide.

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