The Value of Acquiring the Right Partnerships

When you have a vision that is bigger than you know that you can do it yourself, then you know that it is a vision from God. You can get the job done, even if it seems like a bigger task than you can handle.

How?

By having the right people in partnership.

As I have been attending conferences and masterminds, when people are asked what is the most important aspect of taking on a significant project, the most common answer has been “finding a good/great partner.”

Here are my top five attributes of the type of partner you should have. These observations are based on my own and the client’s experiences:

1. A Person of their Word - they are known to deliver on their promises and commitments and not have constant excuses and employ stalling techniques.

2. A Person Who is Ethical- these people are not perfect but they strive to be an example of excellence. They don’t do something different to you than what they portray to the public. Proclaiming themselves to the public is one thing, but manifesting the fruits of that label on a 1-on-1 private basis is where the truth is revealed.

3. A Person Who is Respectful - there are going to be times when you may be wrong about something or vice versa. Mutual respect of each other means valuing each other. They check on each other personally, because they care about each other and they would never put down or talk down to each other. There are deeper issues at hand if this happens.

4. A Person with a Mind for Expansion - with pure intentions with the organization in mind instead of their own elevation among their peers as the organization expands. They do not allow traditions, unsaid rules and public opinions block them from attaining abundance for the betterment of the organization. They do what is best and right for the people that follow them with the other partners of the organization involved in one accord.

5. A Person Who is Generous - there are many people who are generous but a few who are generous for the right reasons. They give because they have a true heart to give and they keep those records to themselves. Mathew 6:3-4 says: “But when you give to the needy, do not let your left hand know what your right hand is doing so that your giving may be in secret. Then your Father, who sees what is done in secret, will reward you.” Many people publicize their giving over social media and other means and prop themselves up as an authority in generosity. Then they impose a sense of guilt on others if they don’t give in the same way they do, whether it’s the amount or publicity of it, all the while not handling finances in an honorable fashion. This is a red flag as they are projecting a persona that they want others to see. This is at best, someone with false humility. It’s not only about generosity but the motive must be pure as well.

What are some ways practical ways to choose your partner wisely, if you don’t know the person well? Like President Reagan said: “Trust but verify.”

1. Use discernment

2. Study them thoroughly

3. Talk to people who deal with them

4. Meet their family

5. Conduct background checks

I know #5 may be difficult. But once it’s done, you should be relieved that you have the whole picture. A partner is supposed to be like family. They are a covenant partner in essence.

Do your due diligence for the sake of you, your company, your family, and even for your partner. Also, make sure you have the following in place as part of the structure of your business:

1. Partnership Agreement

2. Buy-Sell Agreement

3. Life Insurance

Why #2 &#3? At least in Texas, if a partner is deceased, then the remaining spouse automatically becomes the partner of the business. This most likely will not be an ideal partnership for the business. A buy-sell agreement would state that upon death, the new partner (spouse of the deceased) would sell their share of the company to the other partner(s). The other partner(s) would be able to buy the share from the remaining spouse with the proceeds take from the life insurance policy of the deceased partner.

Many people in business fail to have this in place and suffer later on. Of course, talk to an attorney about what’s the best structure for your company.

If you have any other questions on choosing the right partner, feel free to reach out to me. I’ll be happy to chat with you.

Mathew Thomas

ProStar Business Development

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