Having a business partnership can help grow your business into a success. There are many things to consider when selecting a partner, and not all of them are obvious. If success in business is your goal, it is vital that your partner or partners be compatible in a number of ways.

A critical question to ask of yourself when evaluating a partnership is: what are your responsibilities and what do you bring to the relationship? The clearer and the more honest you are about the context of your association with potential partners, the easier it gets to be able to navigate the muddy waters of the relationship and potentially achieve things that you want to do together.
What determines the quality and length of any effective business partnership? Your partners do not have to be just like you; they do not have to have the same personal experience or path, but make sure their paths and experiences are not in conflict with yours because it will be the cause of many future unforeseen disagreements.

Your personal situation.
Where you are in life and where your partner is can be a source of harmony or conflict. In a few of the businesses that I own, I have a partner who is 32 years older than I am. Because of the differences in ages and stages in life, we are making different decisions with our businesses together than we would have made five years ago. As you look for people to align yourself with, make sure that your personal goals and desires for the future are complimentary with theirs and that they do not conflict.

Family situations.
You do not want to have a partner who has a family situation that somehow does, or will,clash with your ability to run the business. This does not mean that the partner cannot have family needs, nor does it mean his or her family situation needs to be identical to yours. It means that each partner understands and recognizes the family relationships that drive the other partner’s schedule, lifestyle and decisions and can work within that frame work.

Charity.
It is important for your business to give back. Business partnerships need to have the same business goals and the same charity alignment. These things are very flexible, but you need to make sure that they are non-conflicting. You do not have to have the same charity goals, but make certain that all are on board and on the same path on how to give from the business.

Core beliefs.
Ensure that the things that you truly believe in to your core are not inconsistent with your partner’s. These things may not necessarily have anything to do with the business that you are trying to run, but when you engage in a business partnership, many of these core values will come to the surface and will determine how long you actually stay in partnership with them, or rather in an “effective” partnerships with them.

Complementary Unique Ability.
In her book, Unique Ability, Catherine Nomura talks about how to design team member responsibilities around tasks and activities for which individuals are in absolute alignment. Very often, partnerships are ruined from their inception because partners settle for responsibilities and tasks for which they are not well-suited because “it has to be done.” Keeping these concessions to a minimum and designing a workflow that engages the best talents of each partner is essential in creating partnership longevity and quality.

There must be compatibility between skills sets. What are the skill sets of the partners? Are they the same types of skill sets or are they well-matched and different? If one partner is detailed oriented and the other is better at big-picture thinking, these are well-matched skills; one is not necessarily better than or worth more than the other. There does need to be respect for each partner’s unique abilities and talents. It is important that each person does the thing they are best suited for and enjoy.

A partnership is a celebration of your best skills and talents and the celebration of everybody else’s best skills and talents. By remembering this, you create the platform for the partnership to work.

Understanding the partner path alignment will ultimately determine the life and quality of your partnership. Knowing your potential partner’s values, beliefs, and Unique Ability will help you recognize whether or not they are in line with yours and will help you determine how easily and successful a partnership between you will be. It is incredibly important that you review these things before settling on a partnership.

Author's Bio: 

Business partnerships are an important aspect to the success of many and Hugh Stewart has been involved in nine partnerships – from joint venture, equity sharing to non-profit granting him a deeper understanding of how to create and maintain business relationships that benefit all parties.

With a practical understanding of creating, operating, and maintaining a business as an entrepreneur and as a business partner, Hugh has acquired the experience and knowledge of what it takes to be successful in business. This knowledge is what he shares with his coaching clients.

Hugh Stewart's Confident Solutions® Coach is different from other business and personal coaching– it is a systematic process of identifying goals, creating an action plan to overcome obstacles, and creating a goal setting worksheet with deadlines and a focused action plan to accomplish objectives.