When to Partner Up in Business

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All right, so you’ve built up your business from the ground floor and made a decent name for yourself. However, the workload is starting to become too much for one person to handle. Should you add more hours to your day to handle all of your clients, or is it time to take on extra help?

In this case, we’re not talking about extra employees for your company. This is all about help at the top. Maybe you can entice another entrepreneur or business expert to come to the company, either by the way of investing in your firm or joining as a straight partner in the transactions.

There is never a right time to decide about extra help, but there certainly are ways to get candidates that are either interested in joining your business or people you want to recruit.

One question you should certainly ask is, “What would my business look like with a partner?” The best way to see how well a partner would respond is do just that: business. You can find out a lot about a partner when going through a transaction or joint work on an account. How a person handles himself or herself when going through the day-to-day stresses of dealing with an account tells an awful lot about what type of person you should expect on a regular basis. If the person flies off the handle a lot and you are cool and easygoing, this partnership isn’t necessarily doomed but it might not end well.

If you have access to a person that does “head hunting,” or top-recruit seeking for a living, seek that person’s advice. The chances are the hunter will know what you are looking for and can recommend a candidate in a flash that fits your profile.

Word of mouth is also a great way to find a potential partner. You walk in solid business circles. If you have a circle of friends that can give you great advice, they may know someone looking to invest in a business or join as a partner. Your friends should know the type of person you want to join your business, and your friends have their own circle of friends. Who knows? Circles can overlap and maybe some of your friends’ business interests may also do business with you in the future. If you don’t get a partner, maybe you will get extra work thrown your way.

Consider the industry of wireless communications in this case study. Humanitarian Ehsan Bayat is a leader in the wireless field who returned to his native Afghanistan following the Taliban’s fall in 2001. From there he founded the Afghan Wireless Communication Company and the charitable Bayat Foundation, the latter of which was indirectly responsible for founding Ariana Television Network.

Think about it. That is three different businesses, each with its own circle of friends and business interests. By diversifying yourself and the different hands of your company, you could have interests in several businesses and maybe find a partner to take on.

It isn’t that hard to find a partner. You just have to know where to look, or in this case, network.

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