Choosing a business partner is similar to finding the right significant other. You’re looking for someone you can trust, who balances your strengths and weaknesses and you’re able to spend a lot of time around.
Guidant CEO and Cofounder, David Nilssen discusses his relationship with President and Cofounder, Jeremey Ames and provides some helpful tips on deciding if a business partner is a good fit for you in our most recent Small Business Success Series video.
No time for a quick video? Here’s the transcript:
David Nilssen: The question we’re going to address today is whether or not to have a partner when you open or buy a small business or franchise. Now, if you’re somebody who prefers collaboration and shared accountability, then a partnership can be a great option for you. The reality is that we all have strengths, things that we do well, things that give us energy and then, of course, weaknesses. A good partnership should balance those things out.
I started Guidant 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 whereas his is more data driven. The balance of those two things together has helped us make good decisions over the long haul.
Now, there are a few things to consider if you’re choosing a partner. The first would be their passion for the project (are 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 [need to] understand about people is that it’s difficult to be partners when things inevitably go array. If your partner doesn’t believe the things that you believe, or act’s differently under pressure, that can create some real challenges.
But in general, if those two things come together, it can be a wonderful partnership and a recipe for a future success. Shark Tank investor Barbara Corcoran says that having a partner can increase your opportunity for success by fivefold. I would tend to agree, and now it’s up for you to decide.
