See-Docs & Thenavigo

Feb 19, 2024

Asking the right questions before partnering with anyone

I’ve got a new business in the works — it’s top secret for now, but you’ll love it. It’s had me thinking about how I choose the people I work with.

Success in a business partnership comes from two things:

I solve the who by asking the right questions. Sometimes they’re questions I ask myself, and sometimes I ask them. But I want to feel sure of all of them.

1 - Does each partner bring complementary things to the table?

Partnerships are about 1+1=3. If you’re both good at the same things, that’s not helpful.

You need partners bringing what you don’t.

2 - Do we have aligned desired outcomes and lifestyles?

If one partner wants to get rich quick and the other doesn’t… it’s going to end poorly.

3 - Can we both put mission ahead of personal interests?

Every partnership I’m in has required me to give more than I wanted on occasion. You want a partner that’s ready to make the same sacrifices.

(Within reason.)

4 - Do I enjoy spending time with the person?

Business partnerships last longer than the average marriage. And splitting up a business is even harder than divorce.

Make sure you like this person enough to get through thick and thin.

5 - Are we comfortable planning for potential breakups?

I noticed a pattern in my long-time married couple friends: the ones who were comfortable talking about divorce had stronger marriages.

This reflected a “we’ll do the hard stuff” mindset. And that’s essential for business partners.

6 - Do I love this person’s work style?

I’ve learned that partnerships finish how they start. If the other person’s style turns you off a little right now… it’s going to be hell in a decade.

7 - Does each partner have skin in the game?

My “hit rate” with partners who put cash/time/status in to start a venture is 100%.

It’s a limited sample size, but enough that I look for this every time.

8 - Is my partner a missionary or a mercenary?

This is maybe just my style, but I’ll take a missionary every time. Mercenaries are in it for the money or the glory.

I care about the mission, and want partners to be the same.

9 - Have I planned for all the possible partnership outcomes?

What if they steal? What if we’re a wild success? A failure? A total “meh”? Do they have a crazy spouse? What if they have health problems?

10 - If I was hiring them, would they be a “hell yes”?

In practice, I’ll run a mini-hiring process with potential partners. Sometimes with trial periods.

At minimum, I do reference checks.

11 - Do I know this person well enough?

Are our values aligned? Do I understand their drive/motivation/desires?

If I don’t, I slow down to know them better. A business partnership is a big leap.

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Once I feel good about all these questions, I can be reasonably sure I’ve got the right person.

The next step is getting the plan down on paper.