Time to partner up?

[SydneyWebService]

Hi.. I've always been working on my own and found that it definitely limits on what I can do to expand the business. So.. I am in the process of finding a partner to work together. Any ideas from a more experienced tycoons who have experience this?

[The Business Sage]

Here are a few that have worked for us over the years:

- Don't look for a clone of you. Seek complementary skill sets.
- Keep the relationship professional. You don't need a new drinking buddy, just a business partner.
- Don't get nervous discussing dollars with the partner
- Formalise the partnership with an agreement
- Define roles and responsibilities
- Consider a hybrid partnership (ie. you form a new company which outsources to your existing firms) before going 'all the way'. It is easier to untangle if it doesn't work out.
- Learn how to meet half-way (it is amazing how set in one way a person becomes when they own 100% of their business for a while).
- Create a business plan that provides a firm blueprint for the direction of the enterprise. It will help crystallize your business intentions. Having a road map really helps (any business for that matter). This business plan should also include a clear exit strategy.
- Appreciate that a business partner helps share the workload and financial burden ... however you also have to share profits.

I would suggest going away for 2 or 3 nights with your business partner to map out your strategy and how it could work. No personal partners. Just the two of you. The benefit of this is, in addition to the work you get done, after a couple of days hanging out together full-time you will have a much better idea of whether you can hang out professionally for a long time. And so will he/she.

[Barbaragabogrecan]

A partnership business can be a relationship disaster or a positive experience. Before you form a business partnership considers the following:
Have The Same Vision
Define Business Roles
Avoid the 50-50 Split
Hold A Monthly Partner Meeting and Create A Partnership Agreement.

[SydneyWebService]

Thanks for the info guys! I guess the key is to really get to know the person that you want to partner with. I think the most important aspect is that partnership should definitely share the same vision

[RyanChadwick]

I think you have to decide what you want from the partner as well.

Are you looking for someone with experience in other areas such as marketing?

Are you looking for another technical partner so you can take on larger projects?

Are you looking for another technical partner with different view so you can expand into different niches?

etc.

I think the type of person you are looking for will affect the way you search for them.

[urlelove]

By definition, a partnership is a business with more than one owner that has not filed papers with the state to become a corporation or LLC (limited liability company). There are two basic types of partnerships: general partnerships and limited partnerships. General partnerships, the more common structure in which every partner has a hand in managing the business.


The partnership is the simplest and least expensive co-owned business structure to create and maintain. However, there are a few important facts you should know before you begin.


-Personal Liability for all owners
-Joint Authority
-Joint Liability
-Partnership Taxes
-Creating Partnership
&
-Ending a Partnership

[Barbaragabogrecan]

You want a new partner which helps you in business.

[stevanz]

There are a million places to meet business partners, you may do it online in groups, on message boards. But most people are more comfortable with contacts they make either through referrals by colleagues.

My advice in finding a partner is to meet him first. Ask questions about business collaboration, such as jointly bidding on projects, subcontracting with another firm or principal, engaging in cross-marketing efforts, or making mutual referrals.

[Remotestaff]

also...it helps if the partnership you forge creates synergy for both your enterprises ;-)

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[maikon1100]

I think if u have any partner with u,both of your understanding should be well enough and u should trust each other

[urlelove]

Putting trust on someone takes time. Searching for a partner makes a difference for the type of partnership you like.
I guess it's better to know what type of partnership you need. Are you looking for someone to work with or just someone to partner on finance?
It's essential to know your partner when it's financial.. But if it's someone to work with, I'd rather go to that someone who knows more than me.. A better skilled person. That way you'll grow, you'll benefit from it. And you'll be sure you'll get even not the same but better ideas.

[Hampers]

No one has mentioned having an understanding of lifestyle and /or out of work commitments and how sharing the burden can make or break a partnership.
Certainly a partner may be great at the worksite, but if you find yourself working all the weekend call outs, you need to re-negotiate.