021- How to Find the Right Business Partner

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Business partnerships have a notoriously high rate of failure because not enough is done up front to properly vet the person being considered.  In today's episode, Steve and Will discuss why this occurs and share some strategies for finding the right business partner for you.

Lots of business owners look at partnering as a way to expand or sometimes survive.  They believe that bringing someone else in will help them grow because of what the other person is perceived to be bringing to the partnership.

2:00   Discussion points: (8:00 mins)

1. What drives a desire to want a partner in business?
2. What usually appears early on that signals trouble in a partnership?
3. What are some primary things to consider before approaching someone with a partnership opportunity?

 
10:00 Tips for improving in this area or overcoming this problem: (7:00 mins)

1. Do they have a complimentary outlook?
2. Does their style of doing business support or compliment yours?
3. What are they bringing to the partnership- skills, funding, resources, etc that make them a great candidate?
4. What areas are you willing to share, seed over or give up to accommodate the new partner?

 
17:00 Final Take-aways: (2:00 mins) Recap primary listen benefit            Partnership success is more about compatability and shared vision for the future than any thing else.  Taking on a partner is like getting married.  It takes time and understanding the other person before it has a chance to work.
 
19:00 Closing comments: (show promotion, next episode, events, etc.)
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20:00 Show ends
 
Resource Information:
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Article:  Selecting the Right Business Partner