I am routinely approached by people who have an idea to open a new winery, restaurant, catering business or other wine and hospitality business. Many of these persons often consider entering their new business venture with a family member or friend.
Typically I recommend that before they say “I do” to forming a Company or Partnership, that they first ask themselves if they are choosing the right person for the business. In other words, who is standing next to you?
Saying “I do” or choosing the wrong business mate can have dreadful consequences with disastrous long term effects.
Its not personal. Its business.
Picking a business mate because they are your “friend” is rarely ever a good idea. Business decisions can strain personal relationships that can lead to having a negative effect on your buisness.
When picking the right partner for your new business, focus on individual (s) that have a complementary skill set to your own. Pick someone who is best suited to building a practice together. Pay less attention to where your partner went to school, more attention to he or she has achieved or accomplished.
Perhaps you are good at organizing the financial side of the business while your business mate may be customer service oriented. Maybe your partner excels at being the “face” of the business, while you on the other-hand may be solution oriented. You may be a good problem solver whereas you partner may be great at networking and fundraising. Is your partner a visionary or an executor? These are factors to consider whether you bring or have something each uniquely offers to the business. In other words, your best partner/businessmate is one that is the Yin to your Yang.
Before you say “I Do” and walk down the aisle of entering a new business venture with a new partner at your side, make sure the right person is standing next to you.
Planning your business well with the right partner or founder will lead to a long term prosperous business relationship.
Now you can say it. “I Do”.