Good Partner Bad Partner

tip-o-the-morning

Tom Corley boats - crop

Steve Jobs had Steve Wozniak. Warren Buffet had Charlie Munger. Larry Page had Sergey Brin. Some of the most successful people in the world owe their success to the partnerships they forged.

Finding the perfect business partner is one of those fast tracts to success I love to talk about. In the case of a perfect business partnership, 1 + 1 = 3. What this equation is trying to say is that when two people join forces, that partnership’s potential success can be significantly greater than the individual accomplishments of each partner.

But while partnering is one of the fast tracks towards success and wealth, it is also one of the fast tracks to failure or bankruptcy. Choosing a bad partner can create havoc with your financial and personal life. Bad partnerships lose money, find themselves in litigation and destroy marriages.

So how do you go about finding the right business partner? Below are some questions to ask that will help you identify potentially good business partners:

  • Is your potential partner honest?
  • Is your potential partner humble?
  • Does your potential partner have skills you lack?
  • Does your potential partner have control over their emotions?
  • Is your potential partner sound financially?
  • Does your potential partner have good relationships with his family members? Family includes immediate family as well as parents and siblings.
  • Does your potential partner treat their family members well?
  • Does your potential partner have a hard work ethic?
  • Is your potential partner a rule follower?
  • Have you worked with this potential partner before?
  • Do you know this potential partner very well?
  • Is your potential partner positive, upbeat and optimistic?
  • Does your potential partner have a good reputation?
  • Does you potential partner have integrity?
  • If your potential partner has a spouse or significant other, do you know them well?
  • Is your potential partner a good listener?
  • Does your potential partner have a reputation for keeping their word?
  • Is your potential partner a good learner?

If the answers to these questions is yes, then you have a perfect partner candidate. If you don’t know the answers to any of these questions, do not partner with a potential partner until you do.

Here are some questions to ask that will help you identify potentially bad business partners:

  • Does your potential partner have a reputation for lying? Have you caught them in even little lies?
  • Is your potential partner arrogant?
  • Does your potential partner cheat on their taxes?
  • Does your potential partner have any outstanding tax issues or deficiencies?
  • Has your potential partner ever sued anyone?
  • Has your potential partner ever been sued by anyone?
  • Does your potential partner cheat on their spouse?
  • Do you and your potential partner have similar skills?
  • Is your potential partner quick to anger?
  • Does your potential partner have money problems?
  • Does your potential partner have bad relationships with his family? Family includes immediate family as well as parents and siblings.
  • Does your potential partner treat their family members poorly?
  • Has your potential partner ever been in a failed partnership before?
  • Has your potential partner ever broken any laws before – are they a rule breaker?
  • Has your potential partner ever filed for bankruptcy before?
  • Does your potential partner have any outstanding debts they are behind on?
  • Does your potential partner gossip?
  • Is your potential partner negative, downbeat and pessimistic?
  • Does your potential partner have a bad reputation?
  • Does your potential partner lack integrity?
  • Has your potential partner ever made bad investments in the past?
  • Does your potential partner have any issues with their spouse or significant other?
  • Is your potential partner a poor listener?
  • Does your potential partner exaggerate or have problems keeping their promises?
  • Is your potential partner a poor learner?
  • Has your potential partner ever broken any promises to you or anyone you know?
  • Has your potential partner ever broken any promises to any of their past business partners?

If the answer to any of these questions is yes, this may not be the right partner for you. If you don’t know the answer to all of these questions, do not partner with a potential partner until you do.

Some other points I’d like to make regarding potential partners:

  • Find three or more individuals who have worked with this potential business partner and ask them the above questions. This includes former partners and vendors.
  • Ask your potential partner’s family members these questions?
  • Who does your potential partner surround themselves with?
  • Are their friends standup people or not?
  • Would you associate with their friends?
  • Never partner with someone who surrounds themselves with fools or people who lack integrity.

You will never know everything you need to know about a potential partner, but asking the above questions is good due diligence and will help you to better vet potential partners. Knowing as much as you can know about future business partners significantly reduces your risk. The more you know, the lower your risk. Not knowing as much as possible about potential business partners significantly increases your risk. The less you know, the greater your risk.

Be Sociable, Share!
Thomas C. Corley About Thomas C. Corley

Tom Corley understands the difference between being rich and poor: at age nine, his family went from being multi-millionaires to broke in just one night, due to a catastrophic fire that destroyed his Dad's thriving business. For fourteen years they struggled with poverty. There were eleven in Tom's family, and they lived in constant fear of losing their home.

Driven by the desire to unlock the secrets to success and failure, Tom spent five years studying the daily activities of 233 rich people and 128 poor people. He discovered there was an immense difference between the habits of the rich and the poor. During his research he identified over 300 daily activities that separated the “haves” from the “have nots.” Tom decided to write a book to share what he learned. That book, Rich Habits: The Daily Success Habits of Wealthy Individuals (1st Edition), went on to become an Amazon Bestseller in the United States forty times over a three year period. To give you some perspective, in order to be a true Amazon Bestseller in the United States, where you actually receive a specific Bestseller designation from Amazon, you need to be in the top 100 of all books sold by Amazon in the United States in a given day. Rich Habits did that for nearly thirty straight days, rising as high as #7, eclipsing such Bestselling authors such as Stephen Covey, Robert Kiyosaki and J.K. Rowlings. Imagine that - an unknown, first-time, self-published author selling more books than J.K. Rowlings!

Tom now travels the world, sharing his Rich Habits and motivating audiences at industry conferences, corporate events, universities, multi-level marketing group events, and global sales organizations’ presentations and finance conferences. He has even spoken on the same stage with famous entrepreneurs and personal development experts, such as Sir Richard Branson, Robin Sharma, Dr. Daniel Amen, and many others.

Tom has shared his insights on various national and international network, cable, and Internet television programs such as CBS Evening News, NBC News, Yahoo Financially Fit, Money.com, India TV, News.com Australia, and a host of others. He has been interviewed on many prestigious nationally syndicated radio shows, including the Dave Ramsey Show, Marketplace Money, and WABC.

Tom has been featured in numerous print magazines—such as Money magazine, Inc. Magazine, SUCCESS Magazine, Entrepreneur magazine, Fast Company magazine, More magazine, Epoca Magazine (Brazil’s largest weekly) and Kiplinger’s Personal Finance magazine—and various online publications, including USA Today, CNN, MSN Money, SUCCESS.com, Inc.com, and the Huffington Post. Tom is a frequent contributor to Business Insider, Credit.com, Bankrate.com and a few other media outlets.

National publicity has garnered international media attention for Tom and his Rich Habits research spanning 23 countries. Broadcast media, online publications, and television throughout Asia, the South Pacific, Europe, the United Kingdom, and Central and South America have shared his powerful message.

In an effort to help parents, grandparents, teachers and adults become success mentors to the younger generation, Tom released his second book, Rich Kids: How to Raise Our Children to be Happy and Successful in Life in 2014. This book was the self-help category winner of the 2015 New York Book Festival and Runner-up in the prestigious 2015 Writer’s Digest Self-Published Book Awards Contest. In 2016 Tom released his third book, Change Your Habits, Change Your Life. This book provides the latest science on habit change as well as more of Tom's unique research on the specific habits that helped transform 177 ordinary individuals into self-made millionaires.

Besides being an author, Tom is also a CPA, CFP, and hold a master’s degree in taxation. As president of Cerefice and Company, CPAs, Tom heads one of the premier financial firms in New Jersey.
 
Phone Number: 732-382-3800 Ext. 103.
Email Tom
| Download Media Kit

Speak Your Mind

*