Normally, partners in business are attracted to each other through personal connections and friendships that have developed over a long period of time. But, what happens when a company needs another partner to share the load of work needed to make the company successful and none of the current partner’s connections are a fit?
Surely posting an open notice that your company is looking for a new partner is not the smart thing to do. Or is it? How else would a stranger who would be a perfect partner know you were looking for a new partner? True, posting public notices online doesn’t really make the company appear to have a sound strategy. However, depending on how the notice is written could tell the world that the company is growing and has some opportunities for the right person.
Going to business networking events to announce your company’s opening for a partner will not only raise a few eyebrows, it could appear to sound like the recruiting for a partner is on it’s last ditch efforts. Putting the word out on the street that your business is looking for new partners could work to generate interest or work against the company’s image as knowing what they are doing.
Search for Talent
The most time consuming way, and more effective way, to find a person who fits in the position of being a partner is to start talking to people who have the talents you are looking for in a partner.
What should a person have or know to be considered a good fit as a business partner?
Naturally, a business partner should be:
- Compatible with not only the other partners, but with the company’s mission.
- A leader of their part of the company since more than likely they will have to manage their portion of the business.
- Committed to sticking with the company through thick or thin.
- Able to see clearly over the horizon where the company is going so to take part in directing the company to success.
- A Team Player.
Most companies lack having someone with experience in either:
- Sales, or
Sales or Operations
The difficulty in finding a person with the needed sales background is most of them do not play well with others and focus only in monetary rewards. Those who have the operations experience needed are very hard to find due to the trend amongst junior executives over the past 35 years to only working someplace for less than a year which negates them from obtaining the needed experience to know operations cycles.
This opens the door for the Boomer generation, the generation that received practical training on the job, to step in to fill partnership positions. So, looking where experienced business people hang out could be the place to find your next business partner.
Risky if You Get It Wrong
Finding a person who is ‘partner-worthy’ and completely fits the needs of the company is not easy. It could take years to find the right fit. The stakes are high for a company who picks the wrong partner.
The hunt for a business partner is not easy. Since partners are more than an employee the selection process cannot be compared to recruiting for a job position. This make finding a business partner a real daunting task.
Let me know how I can help.
Also published on Medium.