When my German husband and I moved to the Philippines two years ago with our two daughters, we decided to start a business.
But first we had to find a partner.
A relative introduced us to someone who seemed to be a perfect fit. He had experience, money, network.
When we took the steps to begin the business, we realized he was all hot air. . He could not deliver on time. He delegated responsibilities. He arranged secret meetings. And then he negotiated alone with the supposed company executives we would do business with.. His reason? My husband was a foreigner, whose presence will jack the prices up.
He was all over but did nothing. The man was a poser, a scammer.
Therefore, nothing came out of the business partnership. Time wasted, effort blasted, money squandered, A nightmare.
There are indeed hazards in finding a business partner.
Happily, the next business partnership we entered into went smoothly because of lessons learned. Here are some of them:
Do background checks. Inform the possible business partner about it, and tell them they are free to do background checks on you, too. Meet some of their business associates if possible.
Take time out to sit down and talk intensely about your business goal. This means spending quality time discussing each others’ expectations, finances, weaknesses and strengths, future plans, priorities, etc.
Believe and respect each other. Honesty, trustworthiness and dependability really counts.
Complement each other. Two great minds are better than one.
Best of all, trust yourself. Your instinct. Not a very practical advice, I know, but it helps a lot. After all, it is your future that is involved.
And take note that friends are friends, family are family but that does not mean they are good business partners for you, too. Therefore, learn about their business experiences and explore everything with them before entering into an agreement with them.
It takes time to find the right business partner. But there is someone out there. Just be patient and learn from your mistakes.
– Raquel Erhard
Adapted from “The hazards of business partnerships: choosing a partner” published in the Philippine Online Chronicles, December 14, 2011. To read the full article, click here.