Select Your Business Partners Wisely
Read Time: 3 minutes
Before we get into this week’s newsletter I have a couple updates…
You can now receive The Unstoppable Entrepreneur delivered to your inbox, and also read it live on Linkedin.
If you are a new subscriber catch up on past issues here.
Now, let’s jump into it.
Select Your Business Partners Wisely
Before you enter into any kind of business partnership, whether with a brand, investor, partner or employee, make sure that their objectives are aligned with your purpose.
Natasha Vandenhurk decided to start close to home. She’s the CEO of Three Farmers, a company specializing in pulse-based snacks. Natasha runs the business with her sister, CRO Elysia Vandenhurk alongside their co-founders, the literal three farmers in their brand name: their father, Dan Vandenhurk, and his farming partners Colin Rosengren and Ron Emde.
”I have partners around me who are in it for the right reason, because we want to share what happens on our farm with consumers. And my sister, who is our innovation force and a former chef, she has a drive for perfection that ensures our product is better every day,” Natasha says.
Natasha knows she can count on her family and friends to put their all into their work. They have each others’ backs.
I feel the same way about my own business partners even though they’re not family. I want to make sure that my partners are people I’d feel comfortable staying at my house or at my dinner table. I wouldn’t want to feel in any way wary about who my partners are, or what their values might be. I also wouldn’t want to be set up by a third party for the sake of a better deal or because of a potential partner’s reputation.
I have to get to know them. Well.
In fact, in many ways, choosing business partners is exactly like choosing to get married to someone. You'd likely never just jump in and get married to someone and sign legal documents to commit to them forever before understanding them completely: their values, their mindset, their future goals, their best and worst qualities.
First you need complementary skills and competencies..
The best partnerships are those where people’s skills complement each other: What are you good at, and where do you need to gain another person’s perspective and competency? You’re not going to run a business where all of the founders are scrolling through social media feeds all day. What don’t you have, skills-wise, and where can you find partners that do?
Then you need fit.
Co-founder fit is really important. If someone is investing in your business, will they push you to do your best and to consciously achieve your mission or are they going to be driving you to give up some of your integrity to reach for-profit goals? You have to find someone who you want to hang out with because you're going to be strategizing during some pretty challenging times. You're going to be going through highs and lows.
Finally, you need a shared sense of purpose.
It’s important to avoid partnerships that will cast doubt on your sense of purpose, no matter how lucrative they may seem.
Does the partnership meet the feel-good test?
Are you being listened to and actually heard?
Is your potential partner motivated to grow personally and professionally?
Do they have the confidence in themselves to ask questions and take the right risks?
Are they healthy and mentally and emotionally stable?
How do they handle stress or a situation outside of the norm?
Are they interested in only the big decisions, or can they get down and do the hard and boring work too?
It’s connecting to her family and friends that, as Natasha says, bridges the gap between her business and her consumer as well.
“With our consumers, telling our story is more important than ever. Just listening to my consumer and taking their needs to heart means everything to us, but also sharing why we’re in this business. Because we love what we do, and we’re farmers at heart.”
There’s an identity that Natasha and her partners share: rural, farm-oriented, community-loving, and in it for the long haul.
What are the most important partnership factors for your business identity? Who do you want to be seen with, and who are you excited to share your success with over the years?
Be real with yourself, and understand what matters to you before you sign on the dotted line.
----------------------------------------------
I hope you enjoyed the read and are more prepared to select the right partners.
Until next time.
Let’s Grow!
Here are 3 other ways I can help you grow:
Work with me 1:1 to grow your business.
Listen to my Founder to Mentor podcast.
Get my free mentorship growth tools at www.fatafleishman.org.
Connect with me
