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Business Partnership (Pt 2) – Opeyemi Komolafe

Business Partnership 2

In business relationships, integrity on your part and the part of your clients, vendors, financiers and employees cannot be over emphasized, however, in a business partnership it is completely non-negotiable.

Apparently I am back to this topic of integrity, click here to read Part One. It can never be overstated. Imagine having a business partner who is completely unpredictable, someone you can’t trust to deliver on a job, someone you cannot assign as a signatory to an account, someone with whom you cannot take a well deserved vacation, I can go on and on but my point is clear. Having a business partner means you agree to some extent with the personality, value system and priority rating of that individual. You are better off facing the challenge of running a business on your own than having a partner who keeps you up at night, raises your blood pressure and has you keep your Account Officer on speed dial.

We’ve spoken at length about integrity in one of my previous posts. As we did for ourselves, in picking a business partner, kindly ask yourself these questions based on what you know about this person.

“As a person, what does he/she stand for?” 

“What are his/her personal values?”

“By which principles does he/she live his/her life?”

Once you have honestly answered those questions, envision your business governed by those same principles, values and ethics you just listed, then answer the following?

  1. Are you satisfied with what you see being the world’s perception of what both of you have built? 
  2. Can what you see compete successfully in the dynamic and competitive business world of today? 
  3. Based on what you see, would YOU do business with YOU?

For the partnership to profitably last you need to get a resounding ‘YES’ to all three questions before you sign a contract with him/her. 

Believe me, your partner’s person and reputation will form a part of your company’s personality and reputation. It’s important to ensure it’s an image you want to project.

 

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