As an entrepreneur there will probably come a time when you want to find the perfect business partner. When this time comes it is up to you to find the best one, one that works with you, and one that you can trust, but what else goes into finding the best business partner?
In this article I want to share what some of the questions are I would ask if I was looking for a business partner. Just so you know, I am not looking for a business partner, so no need to email me your qualifications.
So, lets get into some of those questions right now.
Questions To Ask A Potential Perfect Business Partner
What are your personal skills that will benefit me and my business?
When screening people that want to become your business partner you will need to get very personal, that includes asking them what their skills are. If they don’t have any skills that will compliment your business and what you have in mind, then they will be no use to you. What I recommend is to create a list of all the skills you think would make up your ideal business partner and then find somebody that has as many as possible. Remember, you can always hire another person to supplement the skills that you or your business partner do not have.
What is your financial situation?
This is a tough question to ask for anybody. When I was talking with my friend who is a personal banker he told me that he hates asking this question too and this is part of his job. The reason why so many people don’t like asking this question is because you need to know everything from how much debt the person is in, what their assets are, how much money they make, bankruptcies, and so on. Without all this information you won’t have any knowledge of their past history, which history can tell you a lot about a person.
Have you ever partnered on a business before and if so what was the outcome?
If you want to find the best business partner possible, then find somebody that has been a partner in a business before and did well. Asking this question won’t be hard, but doing follow ups will only because you will need to come up with those questions on the fly. For example, my uncle was looking for a business partner for his real estate business and he asked one of the prospects if he had any past business partnerships. He told him that he did and that it was in a failed casino business. At this point you will need to ask questions about why the business failed and if you don’t know much about the business that they are referring to then you will have a tough time. Just know that you can always do another interview sometime down the road. When choosing a business partner you don’t need to find somebody at a moments notice, it should take some time.
How committed are you to working together?
There are many different types of business partners, but 2 main ones pop into my mind. The two different types are a silent partner, who just gives you money for a percentage of the profits of the business. The second one is an active partner who gives you money to buy into the business, but also helps you run it by doing certain tasks. By asking how committed they are to the business and working together you will be able to see exactly what kind of business partner you might have. Now, when you ask this questions you should also go into detail to ensure that their idea of a partner is in line with what your idea is.
Do you have a following/community online?
This might not be a question you will even ask, but for me this is imperative. Being that I run all my businesses online it is a must to have some kind of following or community online. This could be anything from a decent Facebook page, YouTube Channel, Blog, Email list, or even Instagram account. Whatever the following is, I would want to take a look at it and see if their following/community would help scale the business any faster.
If you really want a business partner, then that is completely up to you but make sure they are a good fit. In many cases the most qualified person to become your business partner won’t always be the best fit, sometimes their style doesn’t gel well with you and your style. Just remember what you read here in how to find the best business partner and if it takes you weeks or even months to find the perfect fit, then take that time and don’t put your business at risk.
If you have any questions on finding the perfect business partner for you, then please comment below or message me on Facebook.