Don’t Make the Wrong Partnership: Assume Nothing
How do you know whether someone is going to be a good partner or not? It’s not enough to go by someone’s prestige—there are plenty of examples of prominent figures who turned out to be bad partners. It’s not enough to be a nice guy. So what do you look for?
I believe in the power of partnerships. With the right team of people around me, I can achieve far more than any of us could achieve on our own. I love helping my partners, and I love seeing what we can do together. That’s the key to long-term success in business.
But for all the greatness that you can achieve with a good partnership, there are pitfalls to watch out for, too. A bad partnership, when you get involved with the wrong person, does even more bad for you than the good partnership helps. In the right partnership, 1+1=3. In the wrong one, 1+1=0.
But how do you know whether someone is going to be a good partner or not? It’s not enough to go by someone’s prestige—there are plenty of examples of prominent figures who turned out to be bad partners. It’s not enough to be a nice guy. So what do you look for?
For me, the foundational level of a partnership is knowing that I have something that can help my partner. If I don’t have something that’s of value to my partner and my customer, then what’s the point? Next, I want to partner with people who want to partner with me. Here are some of the things I look for in a partner, and the signs I watch out for that tell me when I might be about to make a mistake. Assume nothing; most of my errors are errors of assumption. Vet everyone, and make the right choice for your business.
Can You Help Each Other?
The first element of a good partnership is that both parties need to have something that can help the other one. A sure sign of a partnership mistake is when one side is getting all the benefit. One-sided partnerships never work. If one partner is helping the other but not getting anything in return, trouble is on its way. The partner who is giving, giving, giving, and getting nothing back, has no reason to continue the relationship. What’s the point of putting all this work in, they wonder? They could easily grow resentful as the relationship continues, and feel less motivated to put effort into the relationship.
On the other side, the partner who’s getting everything in the relationship has problems, too. If they are getting all this stuff for nothing, it can easily turn into greed. How can I get more, without having to give more? They lose sight of what it means to exchange value and support one another. That leads to compromising your principles, a quick road to ruin.
A partnership needs to be balanced, with incentives for both sides to continue.
Do You Have Common Values?
The values that you have as a business person and for your company as a whole are so important. Transparency, honesty, and integrity should be fundamental principles in how you not only run your business but live you life. The way you treat customers, the way you treat your employees, your partners—it all makes a big difference. A good partner has to share your values. If one of your values is to put customers first no matter what, to help them even when there isn’t a monetary reward for you, then you’re going to have a hard time in a partnership with someone who is driven by the bottom line above all else, thinking first and last about ways to get more money out of customers. Those values will come into conflict, and the partnership will not flourish.
This is a place you can get into real trouble, especially when you target a partner because they are famous and successful. You have to really look at them, what they value and how they do business. Don’t be blinded by the big name and the flashing lights—get to know the person, the company, and their values. That will tell you if this is the person who can and will help you, and who will be right alongside you as you pursue your vision.
The right partner makes a big difference. But so does the wrong partner. Assume nothing. Vet everything. Be thoughtful and careful every step along the way and you’ll find the right partner, and be that much closer to success.
