5 Tips for Picking the Perfect Partner

March 6, 2014
URL: http://www.entrepreneur.com/article/231988

Business partnerships, like romantic relationships, can be tricky (complicado) and are statistically more than likely (probables) to fail. However,
a healthy and functional partnership can help both of you achieve success greater and faster than what you could ever do alone.
My audio-equipment company OrigAudio has reached many milestones (logros) and has found phenomenal success in just four short years.
Many of the achievements can be attributed to the business relationship built between my business partner, Mike Szymczak and I.
So how do you choose a partner who is going to take your business to the next level rather than sink it (hundirlo) faster than the Titanic?
Here are my five tips to consider:
1. Similar work habits. It is important that the partnership is equal, particularly when concerning work habits. If youre working 6 a.m. to 9 p.m.
and your partner comes strolling in at noon only to leave at 5 p.m., there are going to be problems. Establishing hours, expectations and
responsibilities early on will help reduce the possibility of one party feeling like theyre unjustly burdened.
Related: 5 Secrets to Creating Harmony Among Co-Founders
2. Financially and emotionally stable. Although it may seem invasive, you absolutely need to know the financial situation of anyone you
consider going into business with. Find out if they need a paycheck immediately or how long they can survive if rainy days come. Someone in
a precarious financial situation might be more liable (mas propenso) to sacrifice long-term success (exito a largo plazo) of the business for
quick gains.
It should go without saying (no hace falta decir) that your partner should be emotionally stable. Youll be spending a tremendous amount of
time with this person, so you should be able to tolerate -- if not enjoy -- the experience. This person is also going to be representing and
leading your company, so make sure theyre capable of withstanding (resistir) the pressure.
3. Complementary skills. Never choose a partner who is exactly like you. Your partners skills should complement rather than duplicate
yours. The ultimate goal is to find someone whose skills and talents can expand what you can do as a team. Think about some of the great
partnerships you know -- Burt and Ernie, Mario and Luigi, Captain Kirk and Spock -- all are legendary teams, because they have
complementary skills and are able to rely (apoyarse, confiar) on each others strengths.
4. Similar vision. Its easy to agree in the beginning but what about the long-term goals of the business? Make sure the future you envision (t
imaginas) is in line with your partners ideals.
Related: How to Know When You've Met the One -- Co-Founder, That Is
5. Trust. Every good relationship is based on a foundation (base) of trust, but it gets a little trickier (mas complicado) when your pocketbook
(bolsillo) is involved. If you cant trust your partner with you first born child, social security number or a key to your house, its best to get out
now.
Mike and I have been successful because we take the time to have brutally honest conversations about finances, goals and expectations,
among other important issues. Dont forget that relationships take constant work, so make sure you consider these tips before investing the
time, money and energy into a new business partnership.
Related: 4 Tips to Avoid Co-Founder Conflict
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