ROCHESTER HILLS – Let’s face it business owners…We are the star of our own show. Successful business owners, industrialists and entrepreneurs have vision, drive and the savvy to form any business entity we want because of how we think. Whether we are a current professional, a C-level officer on the brink of retirement or an 8-year old kid with a lemonade stand…the drive is in us.

However, time and money is of the essence, and we can’t always do this by ourselves. This is for the people who have said, “There is simply not enough time in the day” or “I need a couple more of me.” It may be time to find a partner.

Here are things to consider when finding the right business partners.

What are the needed pieces?

There is nothing wrong with dropping a little SWOT analysis on yourself before exploring the partnership possibilities. Map it out. Figure out what type of partner would make your life easier. You have thought about it a million times. Get it on paper. Think it through. Write it down!

What do you have to offer

Look at your personal inventory whether financial or future implications (a position, raise at a certain date, or buy out.) This is also asking yourself how you can make your partner better. Partnering is not finding out what best suits you…it is also asking “how can I make my partner money?” If you cannot answer that then you are missing the point of partnering. You cannot think of yourself first. Be the person who helps others make money and they will do the same for you.

Who are you?

Yes, this is a philosophical question. It’s important though. Whether you are Type A/Type B it benefits greatly to know who you are and how you respond to challenge. A Type A personality can see the world far more “black and white” than a Type B. A handshake agreement may work easier with a Type B than having details contracted to a tee. Knowing who you are will help identify who you work best with and who will get shit done!

Have a fair contract. Be genuine.

They should be written. They protect you. While this My mom has been in real estate for over 30 years and has worked with the same partner. They split everything down the middle. It’s befuddling to know how that works…but it works. They’ve never signed a contract. They’ve never wavered on their partnership. Sometimes one has a bad year. Sometimes the other has the bad year. They’re an anomaly.

Have a plan!

A contract is the beginning of the plan. Is there co-marketing efforts? Do you do your own? Are you going to host an event? What do  you want your future to look like?

Have a cloud!

Centralized communication and transparency is crucial when dealing with business. Need a good cloud company? Because I know a guy.

Do not overload yourself with partners

Spreading yourself thin can be worse than choosing the wrong partner. Losing a connection with a potentially good partner can stunt your growth. I recently heard a saying, “I’d rather have four quarters than 100 pennies.”

Be honest!

Your reputation will follow you wherever you go. There is no way you can have a faux plan, make money off someone and back stab by bailing or not compensating. You may think it will get you ahead, but it will destroy you. We know from experience. We have been stabbed in the back along with other fellow partners by the individuals. The results are never good for the greedy partner.

Invite them to the Christmas Party!!

You got to be able to enjoy your time around your partners. Be genuinely interested in who they are. Maybe they’re the Type A that isn’t interested in a friendship. That’s alright. Maybe you aren’t either. That’s alright. There is a reason a lot of deals get done on a golf course. Because they’re happy. If you’re not traditionally a happy person…that’s alright! Miserable people can be rich and successful, too.

You don’t always need to do everything on your own. If you want to discuss a partnership with CloudTech1 call 855-6-CLOUD1 (855-625-6831) or email us at [email protected].