Finding good brand partners, including investors and stakeholders, to bring your brand to life is hard work these days. Everyone is in it for himself or herself … or so it seems.
It can be very disheartening to watch business relationships sour – and I’ve seen plenty – as partners become embroiled in power plays or drift apart due to mismatched talents, skills and perspectives.
So how do you pick the best partners for your brand, concept, startup and/or business?
1. Start from an equal footing.
I remember making a big mistake once when I partnered with someone who had minimal business acumen and a reluctance to learn. Their passion was evident but they made emotional decisions that were not founded on business logic.
It wasn’t long before I was tearing my hair out at how much we clashed. I got so frustrated I walked away. I confess I could have handled the situation better at the time, but then again I knew, and still know I should have never partnered with them - we just didn’t have the same outlook and perspective at all.
How do you achieve the same perspective? Have a good, long chat at the beginning about anything and everything you both want to accomplish - how you'll share expenses and profits, how you'll run the business, the key roles and responsibilities, how you'll treat each other in good times and bad, and how you'll dissolve the partnership, should it ever come down to that.
2. Ask yourself what they’re in it for.
Watch them closely and listen to their language and understand their motivations.
Do they want to be in business to truly edify others and leave a legacy behind or are they only after money? (Neither answer is wrong - you just need to know it beforehand to make an informed decision.)
Are they willing to go the distance or are they looking for a quick win?
Go as far as asking them what they want. Have an open, honest discussion and make sure you’re both aligned.
3. Study their life choices and trajectory to date.
Where someone has come from, will tell you where they’re going. If they have a history of broken relationships, unfinished projects, scattergun approaches, arrogance, stubbornness, flakiness, talking big, mismanaging money, treating people poorly and touting a self-righteous attitude, etc, it’s almost guaranteed to visit you and your partnership too.
Alternatively if they’re steady, humble, honest, upfront, results oriented, teachable and most importantly, dependable, you can be sure those same qualities will show up in what you accomplish together.
4. Ask yourself, whom do they surround themselves with?
Who are their friends and confidantes? Is their circle filled with people you admire, like and accept you? Or do you feel uncomfortable and uneasy around them? Are they ethical, law abiding, respectful of others? While this may all seem old fashioned to consider, ultimately, the company your potential partner keeps and how they treat those within that company speaks volumes about their character.
Going back to Ambsdr’s Legacy Insights, character is what helps form the backbone of a reputation and brand.
If your partner does not have the character or is not surrounded by people of good character, it will inevitably impact your brand.
5. Wait for the initial excitement to die down before signing on the dotted line.
Starting a new business can be exhilarating. You can get caught up in the emotion and not see the warning signs. This was one of my weaknesses earlier on in my business and personal life but I’ve since learnt to err on caution.
6. Start with the end in mind.
Be willing to walk away earlier rather than later, and be open to perhaps losing a friend in the process. I’m not saying you sabotage your partnership with negativity before you even begin but be wily about it.
Realise that things can go south very quickly, and you need to know how to react. Not with anger and frustration, but with calm reason and the ability to cut your losses before it gets too late.
The perfectly matched business partner is truly a unicorn these days. Yet they’re out there. You just need to use a little more wisdom to pick them out. In the meantime, get busy being a great partner yourself.
