In this episode, I talk about the 5 things you should look for in a partner, should you decide to take one on. Partnerships aren’t for everyone, but if you do decide to partner with someone, you need to make sure your partner has these 5 traits! A good partner:
- brings something to the table that you don’t.
- is trustworthy and dependable.
- is versatile enough to step in for you if needed.
- has the same drive and desire to succeed that you have.
- has as much at stake as you.
Having a business partner is not for everyone. My business partner is my wife, and that works out perfectly because our goals are completely in line. Don’t feel like it is necessary for you to have a business partner who is in your LLC. It’s definitely a good idea to partner with other investors on a deal by deal basis. I do it all the time. But an actual partner who owns a piece of your core business is a big decision. Do not enter into it lightly; please look for these five characteristics. A good partnership can be a great thing. A bad partnership will certainly be a nightmare.