Find the Perfect Business Partner

Finding a partner for your small business is one of the best ways to get more capital for your ideas and achieve business success. But beware – such partnerships can also destroy your company if you do not make a wise business partnership choice.

Small Business, Find the Perfect Business Partner

Many widely known companies were started as partnerships. For example, the IT giant, Microsoft, was founded on the wings of successful cooperation between Bill Gates and Paul Allen. This and many similar examples from various industries prove that successful business partnerships can lead to great success. On the other hand, according to Noah Wasserman, a professor at Harvard Business School, 65% of high-potential startups fail as a result of conflict among co-founders.

In an attempt to point out some of the most frequent pain points of a business partnership and offer concise guidelines on how to better look for your future business partner, we have made a collection of tips that you are certain to find useful.

Know your own strengths and weaknesses

In order to understand your future role in the company, you need to be fully aware of your own strengths and weaknesses in the first place. Take some time to assess your personal skills and try to be as realistic as possible.

Look for a partner that you genuinely trust and like

While many people may argue that trust is being built over time, there has to be a good starting point and trust to build upon. Finding the right partner that you genuinely like sets your business on the right path of avoiding some of the possible conflicts in the future. In case there is some animosity from the very beginning, and clear distrust, then such business partnerships should definitely be avoided.

Seek a partner that shares the same values as you do

Having different approaches towards solving various issues your future company may experience is to be expected; however, such differences can certainly be drastically minimized should you have a partner that shares the same values like you do. Whether those values focus on work ethics or commitment to family, the point here is – the more similarities you have with your future partner – the better your future partnership will be.

Have a couple of one-time projects first

An excellent way to get to know your future partner better is to have a couple of smaller one-time projects working together. Even if those small projects are not set to make you billions or even to make any significant income, the sheer benefit of getting to know your potential partner better and learning more about his ethic and skills is an important aspect of such an endeavor. Finding out that your future partner likes to cheat or that he has some really bad habits that could drive your future partnership company into bankruptcy is an important thing to learn prior to investing all your life savings into a business partnership with such a person.

Define the plan for success, but think about the exit strategy as well

Having a great business plan is definitely a good foundation for the future success. Still, it is argued that having a clear exit strategy is a smart thing to do at the very beginning. Hence, it would be a wise idea to define a “what-if” plan for the scenario in which your mutual company results go south. In other words having a document that clearly defines the minimum success level for the continuance of partnership and conditions for leaving the partnership is a wise step to take. Agreeing with your potential partner about these terms and conditions could make a difference between having a nightmare split up with your partner or having a gracious end of unsuccessful business partnership.

Karin Jakovljevic

About the author

Karin Jakovljevic

Karin Jakovljevic is the head of marketing at Ximble, a powerful, cloud-based workforce management system, simplifying employee scheduling and time tracking for retailers, restaurants and small businesses.

Success Stories

Menchie’s

It was hard to keep Menchie’s young and mostly part-time staff informed about shift changes, until Menchie’s discovered Ximble’s easy-to-use smartphone app.

Fast Fix

Ximble’s easy-to-use scheduling tool allows Fast Fix employees to remotely access shift information, and integrates with their Point of Sale and Payroll systems.

Spry Health

When spreadsheets became too complicated, Spry Health sought simple, cost-effective timekeeping software so they could concentrate on growing their business.

Spirited Gifts

Since switching to Ximble, Spirited Gift no longer struggle with employees turning up at the wrong time, for the wrong shifts.

Re-bath of South Florida

Re-bath required timekeeping software that was simple, flexible, and that could grow with their business.

Vastrm

When they outgrew their own internal system, Vastrm chose Ximble to track their part-time and contracted employees, both in and out of the office.

Excellence Martial Arts

All that Excellence Martial Arts were looking for was basic employee timetracking, with payroll reporting. Ximble’s cost-effective software was the ideal solution.

Collab Inc

Manual timesheets were a poor fit for Collab, and with no easy to feed the data into Gusto they began looking for a viable solution to their scheduling and time tracking headaches.

Carolina Moves

Follow Carolina Moves’ journey as they transitioned from using an archaic time tracking and data entry methods to using something that could optimize their processes and integrate with Gusto.

Bearings Bike Shop

Read how inaccurate time keeping methods forced Bearing Bike Shop to approximate working hours leading to significant losses over the year, until implementing Ximble.

Mermaid Life Chameleon

Needing a simplistic solution to their scheduling and time tracking needs, Mermaid Life didn’t want a solution that would over deliver and overcharge for what they required.

Krein Knives

Outgrowing spreadsheets, Krein Knives now needed a time tracking solution that could accurately track irregular working hours and automate as much of the administrative process as possible.

Garmentory

Looking for automation and simplicity, Garmentory turned towards Ximble in hopes of resolving their time tracking woes.

Novvia

With their eyes set on rapid growth, Novvia needed to implement a scheduling solution that could effectively scale as the business grew while integrating with the existing payroll system.

Story2

Discover how Story2 resolved their time tracking and payroll problems by implementing Ximble into their arsenal of tools and integrating it with their payroll platform, Gusto.

CareCentric Pty Ltd

Spreadsheets lacked the scalability and flexibility that CareCentric Pty Ltd needed as they grew and needed something that would be responsive to their changing needs.

Bou Cou Dancewear

Struggling with varying availability of staff, scheduling for multiple store fronts and managing payroll, Bou Cou Danceware needed a solution to their scheduling and time tracking needs.

Best Pets Veterinary Hospital

Constantly fighting wasted time from data entry errors, outdated methods of scheduling and time tracking were taking their toll. Discover how Ximble helps them overcome their challenges.

Hook SEO

Read how Ximble helped Hook SEO with their time tracking and scheduling problem when they noticed too much time was being wasted on data entry.

National Strategic

After a rapid increase of employees, National Strategic’s dependence on spreadsheets for time tracking was no longer viable. Find out how Ximble solved their problems.

miR Diagnostics

Find out how miR Diagnostics implemented Ximble’s time tracking features for their employees and how it improved their payroll operations through the Gusto integration.

Followell Fotography

Effective time tracking in and out of the office and Gusto integration was important for this photography company. Find out how Ximble stepped up to meet the challenge.

CARP

Ximble provided an inexpensive and user friendly solution to CARP’s time tracking and Gusto integration needs. Find what won them over and how it bettered their operations.

iLoveKickboxing

Discover how the time tracking and extensive feature of Ximble helped improve ILKB’s operations with the Gusto integrations and ximbleChat platform without breaking the bank.

Techpoint1

A tech savvy company that integrates technology into your offices and homes. With their skill and knowledge, they turn your ideas into reality.

Wise Owl Animal Hospital

An animal hospital that combines traditional and modern medicine to provide superior animal care. They raise awareness and provide advice on excellent pet care.

Armstrong Property Management

A property management consulting that specializes in home real-estate. They offer an abundance of services to property owners.

Parsaco

A restaurant consulting company that helps you take your business to the next level. With the best advisors, they can help you expand your business.

Liquid Consulting

A consulting company that strives to become your food processing partner. Comprised of skilled technicians and employees to improve your business.

Alta Animal Hospital

Find out how Alta Animal Hospital do away with printed shift calendars and move to a 100% mobile platform.

Montefiore

Read how Ximble helps Montefiore eliminate the need for multiple spreadsheets and calendars.

Rudy’s Pub & Grill

By utilizing Ximble, Rudy’s Pub & Grill has seen a 60% decrease in missed shift from schedule confusion.

TouchSupport

Learn how TouchSupport was able to manage employees at multiple locations with ease and save 8 hours a week by using Ximble.

Try Ximble for 14 days free

No credit card required. Cancel any time.