The Right Business Partner

Choosing right partners for a business venture is extremely difficult. I had many partners on past businesses with mixed results and some simply to forget. Partnerships can be very frustrating and can result immensely expensive. I have now several rules that I apply on the process to partner on business:

1. Addition. Your partners must add value to your venture. Either provide resources 

you don't have or expertise. Partners should have complementary skills. Be good on areas you aren't and you can't hire.

2. Values. You can have partners from different backgrounds. But they must have similar values than you. A greedy person will always be thinking on taking you out at the first opportunity. Someone that doesn't value his friends or family won't value the business partnership. Find someone with your same moral compass.

3. Vision. If you are thinking short term or long term find partners that have the same vision for the business than you. Having two different visions in the same project always leads to failure.

4. Expectations. Set the right and same expectations for the business with your partners before even before consider this option. Nothing worst that expecting different results from the same thing.

5. Time. Take your time and study every single angle of your future partnership. Consider hiring as a first option. Partner exclusively if you can't do it or grow without them. Try to think in the best and worst scenarios of this. Put everything on a contract, including and most importantly, the terms to finish the relationship.