How to Choose the Right Business Partner
By Jeff Barrett*
Jeff Smith, Managing Director of Equities First Holdings LLC, recently wrote a blog titled “Pick Your Partners Wisely.” Choosing the right partner or partners is critical when starting a business.
The most important thing a partner must add is something that an entrepreneur doesn’t have already. It’s common for entrepreneurs to not consider this in the beginning but it is vital to their success in the end.
Equities First Holdings LLC, a stock-based lender, applauds their partner Ice Miller for adding value. Smith, in his blog post said, “That’s why we work with Ice Miller — our legal partner, and a 100-year-old nationally recognized law firm based in Indianapolis. The firm brings expertise with its heritage. Before initiating a business relationship, it’s important to select a partner who specializes in your sector and who can offer unique insights to your clients. This can mean a personalized approach to service, or simply keen insights amassed from years of experience.
Start by assessing if the business needs a partner. Weigh the risks, benefits, and time spent developing and maintaining the relationship. If the answer is yes, determine what the business needs in a partner. This will help narrow and focus the search and save valuable time.
Equities First Holdings LLC recognizes that a great working relationship is crucial to any partnership. An entrepreneur should always be able to trust their partner. Eric Basu said inForbes, “The bottom line is this – never go into a business partnership lightly. There is too much financial and emotional equity at stake. Think of it in terms of a long-term, personal relationship; because that’s exactly what it is.
Finally, ask a potential partner to ask questions. Figure out what’s on their mind, what could get in the way, how the relationship can work best. If they don’t have questions, they are too eager or not invested.
This is all work to be done in the beginning so that partnership works smoothly going forward. Find a great partner like Equities First Holdings LLC has and they can add value, provide capital relief, and move the business forward.