Building partnerships in your business is a great way to open the doors to new opportunities and growth. However, it also comes with risks. Join Michelle Bosch in this episode of the InFlow Podcast as she unpacks five things you need to consider when choosing a business partner.
A key to building and scaling your business is building partnerships. If you find the right partner, you will be able to tap into their genius and contribute your own to take your business to the next level. As beneficial as a good partnership can be to your business, a bad partnership can cause you pain, stress and hold you back from achieving your goals.
So, how do you know if a potential partnership is a right fit?
Join me in this episode of the InFlow Podcast as I unpack five things you should consider when choosing a business partner.
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If you are considering forging a new partnership in your business, make sure to evaluate the partnership on these five critical aspects:
1. Do You Serve the Same People?
One of the essential business principles I have built my businesses is being a servant leader. When you are considering a new partnership, you want to determine if your prospective partner is committed to being a hero to the same people you are.
2. Are Your Vision and Mission in Alignment?
The bedrock of a successful business is having a clear vision and mission that guides everything you do. When you are exploring a new partnership, your vision and mission must align with that of your prospective partner.
Jack and I have remained true to the vision and mission we identified more than 18 years ago when we established our land investing business. We decided that we wanted to be a transformational force in people’s lives, whether that be a buyer or seller, an investor, or a student of our revolutionary land investing real estate investing strategy. In our businesses, people always come before profits, and we know that we will only have successful partnerships with people who are committed to being transformational in their interactions.
3. Do You Share the Same Core Values
Your core values should drive every decision you make in your business and life. When you choose people into your sphere of influence, you should first look for aligning core values.
Do they value the same things as you do?
Do they hold themselves to the same standards as you do regarding integrity, respect, responsibility, drive for excellence, and being a servant leader?
Both Jack and I are highly driven people who believe in bold action and courageous decision-making. Once we have decided on a path, we will go all-in to ensure that we achieve what we have set out to do, no matter the obstacles. When we are looking for people to build our team, we look for individuals committed to going the extra mile and doing whatever it takes to bring those we serve to success. Therefore, we must look for the same core values in the people we partner with. If your core values are out of alignment in a partnership, it is essentially doomed to failure.
4. How does your prospective business partner treat others?
“Judge a person not by how they treat you but rather how they treat others.”
– Betty Jamie Chung
When you are exploring a new venture with somebody, they are likely to portray their best selves in an effort to make a good impression. While a good first impression is important, a person’s true nature will soon reveal itself when you start working closely together.
Therefore, it’s a bad idea to take a prospective partner at face value. Do your due diligence and research before entering into an agreement. Look into how they treat those around them, especially their team, family members, those in their community, and past and present partners.
If there have been conflicts in the person’s past, allow them to explain what caused the conflict, how they handled the situation, and how they have grown from the experience. This will provide you with the insight you need to evaluate if a partnership will be in your best interests.
5. Is there synergy in your growth strategies?
When you enter into a growth relationship there are two forces that will drive that growth: simplification and multiplication. A simplifying entity will allow you to streamline your processes to make doing business simpler, faster, and more profitable. A multiplying force will help you to 10x your results, which means more deals, more clients, and scaling your business. When you enter into a partnership, you want to ensure that there is a multiplier and a simplifier in the partnership. Understand exactly what role you will be taking and plan your activities accordingly.
Are you are an investor looking for a partner that will help you both simplify and multiply your real estate investing business? If so, we are ready to be of service to you. Join us for our upcoming Land Profit Masterclass, happening between May 16th – 20th.
During this 5-Day deep-dive training event, we will surround you in 360-degree support and we show you how to you can continue to be hugely successful in real estate investing, even in a high-inflation market or during a recession.
Register TODAY and build a partnership that will change your life forever!