Thu 30 Jul 2009
Finding and Managing the Right Partner
Posted by Megan Dorn under Entrepreneurship, Startup Teams
[2] Comments
This is a guest post by Jamie Flinchbaugh.
Finding the right partner is tough, so how exactly do you get it right?
I suggest finding a way to dig deeper and engage with potential partners. It is not enough to both like the same business idea. You must go further than that.
Do not focus too strongly on obvious characteristics like style, level of assertiveness, language, age or background. Most of these either become unimportant as far as fit or can easily be overcome through a combination of learning and process. Instead focus on the deeper meaning behind his or her purpose. Why are you in this thing to begin with? What do you want to get out of it?
You’ll also want to gauge how a potential partner will handle various stressors should they arise at some point in the business-creation process. The problem is that it can be counterintuitive to stress test a relationship that is just beginning. Most people advocate for building trust over time instead. Nonetheless your business relationship will encounter stressful situations, and it’s better to find out early how your partner will handle that.
To conduct a relevant stress test, play out one of those difficult scenarios that are likely to confront you and your partner at some point down the road. For example, let’s say a financial backer allocating a new block of stock to you and your partner wants you to decide how it will be allocated. What criteria will you use? Or what’s your preferred strategy when you start running out of cash? Cut and scale back? Or raise/borrow more funds? These conversations will tell you a lot about each other.
Once you’ve found someone who is a good fit, don’t stop there. Partnerships, like all relationships, require work. Make sure you have given thought to how you and your partner will stay aligned, connected and upfront. Here are three things you can do to help.
- Schedule regular meetings to talk about the bigger picture.
- Get a coach to help maintain a balanced perspective when you and your partner have issues.
- Occasionally do small, random acts to show your appreciation for your partner, similar to the way you would an employee. It forces you to consider their perspective.
The right partner or partners can not only make or break your business, they can make or break the experience that you personally have with your business. Don’t underestimate the importance of this step in your business venture.
Jamie Flinchbaugh is an executive coach, consultant and entrepreneur. His latest venture, the Lean Learning center, is a premier lean education and advisory firm. Follow Jamie at twitter.com/flinchbaugh or LeanLearningCenter.com.


