Finding a good partner is difficult. Too often I hear of painful failures. Read on for a summary or download the full article: Are We A Match?
Why is Failure so Frequent?
Too many partnerships are based on surface appeal. The person looks successful, the businesses appear similar, you like each other, and there’s value in partnering. This is akin to eloping after a few dates. It rarely works out.
The challenge is how to assess the suitability of a potential partner before partnering. Start with investigating two things: character and culture. In my professional opinion, these must be a good fit for a partnership to succeed.
Speed Date for Character
The most successful professional will not be a good partner, if a dark personality hides behind the charm. Ignore the business success for the moment and assess the character by looking solely at behavior, past and present.
Ask key colleagues, team members and subordinates neutral questions like: “What’s it like to work together?”, “What are the strengths?”, “What are the challenges?”, “What kind of partner would be a good fit?”, and “What is most valued?”
The feedback from people with low status and power will be telling. Also, the experience of peers when money, status, or power were on the line. Dark personalities treat the lowly badly, and undermine peers for gain.
Run from anyone with an untrustworthy character. Whatever they do to others, they will do to you. If their character is upstanding, move on to explore more deeply.
For more details on how to assess character, download the full article: Are We A Match?
Get Serious about Culture
Culture is a comprehensive word that encompasses the style, values, and methods of the potential partner. Many partnerships fail because of mismatched culture. Evaluate the culture by looking at two areas: the business practices and the people.
Evaluating the business practices is like walking into the manufacturing plant of your potential partner. What is the product and how is it being made? The easiest mergers will be between partners with similar styles and systems.
If there are significant differences pause before proceeding. As needed, use a respected mediator to evaluate the details, so your evaluation of symmetry is evidence-based. This is definitely time to “trust but verify” before moving ahead.
For more details on evaluating culture, download the full article: Are We A Match?
Dig for Clarity
If the character and cultures align, it’s time to get very clear on the way forward, before you take the leap. Define the what, how and when of the partnering process.
Start with questions that uncover the core desires, motivations, values and goals. This is another litmus test. Great character and culture won’t matter, if the core desires and goals are not aligned.
Then continue with more what, how and when questions to flesh out details for the merger, and the combined business.
To learn more, download the full article: Are We A Match?
Conduct is King
While pursuing clarity focus on conduct. Like assessing character, ignore the words. At every stage, pay attention to how your potential partner behaves. Hesitancy, disagreement, and negotiating compromise are normal. Focus on the conduct before, during, and after compromise is reached.
Conduct is king. Even at this late stage, turn away from a partner who is not working to align, commit, and execute with you.
Save Time & Trouble
My purpose is to save you time and trouble. Assessing character is first for a reason. It’s the fastest litmus test, and a “no” will save a lot of trouble. Evaluating culture requires more effort, but will give you good evidence for investing more, or not.
Gaining clarity and observing conduct takes much longer, but is well worth it to establish a great partnership, or avoid the pain of a business divorce.
Download the full article: Are We A Match? and contact me to discuss more.
