Choosing a business partner is may be one of the most important, but nerve racking decisions you’ll ever make for your business. Whether you are seeking an angel investor, working partner, or legal counsel, it’s important to know who you’re teaming up with.
One of the easiest ways to find out who you’re talking with is to conduct a thorough background search. Have you ever applied for a job where they conducted a background check on you first? It’s very common in the business world. Why shouldn’t you take the same precautions that other millions of established businesses do?
There are many “background research” sites out there, but here at B & L Marketing, we fully endorse the TruthFinder technology.
Background Reports May Contain the Following:
Phone Reports May Contain the Following:
Owner’s Current Address
Social Media Profiles
Satellite Image of Owner’s House
Online Account Usernames
Other Ways to Find Quality Business Partners
Quality Personal & Professional References. If you haven’t known this person for a long time, rely on the referrals of people you trust. Ask your friends, family and associates if they are aware of any trustworthy people that meet your needs.
Ask to See their Portfolio. Sometimes founders of a new business are new to the business altogether and don’t have a lot to show in their past work, but it doesn’t hurt to ask. Request your potential business partner to share their experience on other project, running other businesses.
Test their Skills. Everything may look good on paper and in conversations. But, how does this person hold up in a real life scenario? Invite them to participate in team discussions, planning meetings, or other business activities. Was their contribution valuable? Were they able to keep up and follow along? Sometimes trial by fire can tell you everything you need to know.
Find the Personality that Suits you. You’re not looking for a new friend. You need someone who can help your business grow. But, you may be spending a lot of time with this person. It’s important that he/she has a personality that meshes well with you and your other employees. You don’t want to butting heads all the time.