Entrepreneurs don't just luck their way into building great companies. They set goals and steel themselves to succeed. But even the most well-rounded leaders know they can't do it all themselves. They need to find business partners to attain big goals.
Picking the right partners is more art than science. You can hire a colleague who looks good on paper and wind up with a dud.
"Going into a partnership with anybody is like a marriage," said Luke Lintz, chief executive of HighKey Enterprises, a Puerto Rico-based public relations firm. "You need unwavering trust. But developing trust takes a long time," and starts with a leap of faith.
To advance toward your goals, look for reliable allies who share your drive. How can you find the right people to help you live your dreams?
Set A High Bar With Business Partners
It's hard to tell if you can trust a newcomer. So begin by establishing nonnegotiable ground rules.
"I tell everyone, 'On Day One, you have 100% of my trust,'" said Matt Carroll, co-founder and chief executive of Immuta, a Boston-based data security firm. "'The single moment you break it, you have 0%.'"
Plug Your Gaps
Business builders tend to have high self-confidence. But the best ones also have humility: They know what they don't know and seek to plug gaps in their knowledge.
"It's very difficult to hire for positions you lack knowledge in," Lintz said.
Lacking an accounting background, Lintz sought to hire a numbers whiz for his startup. So he turned job interviews into dress rehearsals.
He asked each candidate, "If you were here, how would you audit our business?" and "As you review our financials, what key metrics stand out?"
Pinpoint Hot Buttons With Business Partners
Ideally, you want to choose partners who share your goals and motivations. Just make sure they're not motivated by the wrong things.
Lintz recalls hiring a business partner who didn't work out. He wasn't much of a self-starter, preferring to follow rather than lead. And he was too caught up in cashing in.
"He was just doing tasks that were delegated to him," Lintz said. "And he needed the money. I've learned it's better to bring on partners who don't need the money."
Look Beyond Passion
Conventional wisdom dictates you should hire partners and key employees who profess their passion for your business. But don't mistake enthusiasm for excellence.
"You can develop passion by excelling through the work," Lintz said. "The more work you do, the more passionate you can become."
What's more, potential partners can fake passion. The real test is whether they have the integrity, intelligence and keen judgment to help you succeed.
Be Open To Learning From Business Partners
When recruiting partners or team members, it's easy to think you have all the answers and they should fall into line. You may insist that you know best.
Early in his corporate career, Leonard Mazur wanted to start his own business. He thought he could run a company better than his bosses.
"Ultimately, I did have that opportunity (to launch businesses)," said Mazur, who has birthed several pharmaceutical firms.
Over time, he realized he needed to bring in talented go-getters and let them thrive rather than micromanage them. By stepping back and giving key hires the space to grow, Mazur benefited from their contributions.
Involve Third Parties
Before you bring in a partner, invite a trusted outsider to help you interview. A fresh perspective can help.
Carroll says he has a "CEO coach" who offers an outsider's take on his strengths and weaknesses as a leader — and whom he might hire to plug any holes.
