How to find the best partner

2011/03/09 6:00 AM

If you know me at all, or have read my bio, you know I've had many partners and investors during my entrepreneurial life. Experiences that were good and bad (well, mostly bad if you must know the truth), but experiences that I learned a lot from. I want to share my tips on how to really look at a partner to see if they are the right fit for you and your company. I have also called upon my experts to contribute their thoughts to help you be really clear about your decisions!

People bring on partners for many many varied reasons. It might be just because we are lonely, or we think that if someone else took on 50% of the responsibilities the business would flourish, or even that we hope someone we think is smarter than we are will save the business with their fabulous knowledge……. all valid and all for the wrong reasons.

I like to look at what this partner and you can do as a TEAM.

Depending on the structure of your deal, this could involve them buying (giving you money) into your company, or simply giving sweat equity for a percentage of your company……or both.

When deciding to bring on a partner, I like to ask myself these questions:

1. Am I doing it for the money?
2. What are they contributing that I cannot?
3. What business tactics, systems or connections are they bringing to the table that will benefit us?
4. Would I partner with them if I had all the money in the world?
5. What is their best attribute?
6. Do they have integrity?
7. What makes them as committed as I am to the business?
8. How did they react to the shareholder or partner agreement?
9. Do they have characteristics I don't like? If so, can I live with them?
10. Do they keep and honor their commitments?

Every time I have honestly answered these questions, the partnership has been a success and one that has flourished!

Hello my name is DuEwa Gordon and my company is Iscents Candles. The mission of Iscents is to promote health and wellness through aromatherapy and a plantbased lifestyle. As part of our aim we infuse our candles and bath and body products with fresh dried herbs, fruits, and flowers, as well as using 100% soy wax and premium grade fragrance oils. We would love to provide a wholesale order for your shop, please feel free to reach out to us!
Vendor Contact: DuEwa Gordon of Iscents Candles  | Phone: 4692431879 | Email: iscentscandles@gmail.com



Hi Sarah,
It's Liz from The Cupcake Rack!
My new endeavor is creating beautifully delicious and organic soy and beeswax candles.
I saw your email searching for all-natural, eco-friendly candles.
So here I am!
At Odd Jar Candles, we use premium ingredients, hand pour in small batches, we are eco-friendly, have a lovely, long-lasting, subtle aroma, and our candles are beautiful!
Thank you for allowing us to share!
My best always,
Liz
Vendor Contact: Elizabeth Crouch of Odd Jar Candles  | Phone: 503.435.8110 | Email: OddJarCandles@yahoo.com


Bathlicious Bath & Body Products is a vegan luxury aromatherapy bath and body product company. We specialize in bath salts, sugar scrubs, body oil and 2 N 1 body butter candles. Bathlicious Bath & Body Products is also known for our natural facial serums and nectars. 
Vendor Contact: Aneesah  Perkins of Bathlicious Bath & Body Products  | Phone: 214-277-1719 | Email: Bathliciousbathbody@gmail.com


At Hemp Wick Candles LLC we make a full line of candles, wax melts, car diffusers, and bath and body products. All of our products are made from organically sourced products that are grown in the United States. We also use high quality premium fragrance oils that can be customized to any company interested in private labeling and custom orders. Pricing depends on company needs and will be specified in the contract. Additional products can be produced upon request. Samples are available. 
Vendor Contact: Gloria Swonger of Hemp Wick Candles LLC  | Phone: 9129806297 | Email: hempwickcandlesllc@gmail.com


 Astounding Design began in 2010 with the dream of its founder Vishwabodh Gautam as design consultancy sell offering artisan made design services and I have completed Leather Goods & Accessory Design from FDDI institute India. Over the years through hard work and perseverance of its founding members, Astounding Design has managed to create a niche space for itself as a trading and a manufacturing company and has expanded to various product verticals ranging from home décor. 
Vendor Contact: Vishwabodh  Gautam of Astounding Design  | Phone: +91-9868751784 | Email: vishwabodhgautam@astoundingdesign.in

Tagged: business, Entreprenette®, Investors, Partnerships

Written by Sarah Shaw

There are 3 comments

CORLINE says:

March 9, 2011 at 2:08 pm

Thank you for some great information to think about. I appreciaate it!

Jeff Odiorne Joins Grey, New York, as Co-Chief Creative Officer says:

March 10, 2011 at 5:58 pm

[…] How to find the best partner – The Entreprenette Gazette […]

Jannie says:

March 21, 2013 at 2:41 pm

I’m impressed, I must say. Seldom do I come across a blog that’s both equally educative and interesting,
and let me tell you, you have hit the nail on the head.

The issue is something too few men and women are
speaking intelligently about. I am very happy that I
found this in my search for something relating to this.

Want to express your opinion?
Leave a reply!

Leave a Reply Cancel reply

Sarah Shaw Consulting

2 days ago

Donna Gammon interviews Sarah Shaw about her journey from costume supervisor to celebrity handbag designer. Sarah shares how a dare from a friend got her to take the plunge.podcasts.apple.com/us/podcast/truth-or-dare-dining-room-table-handbag-business-interview/id148850...Sarah Shaw is an entrepreneur who had the craziest luck when a woman spotted her handmade bag at a bar and told her it was a million dollar bag. From there, Sarah felt encouraged to take the leap into entrepreneurship to build her brand and learn the ins and outs of the fashion industry. Within three years, she had her bags in 1,200 different stores.20 years later, Sarah helps women build their own businesses, with the best insights on how to launch their own line, how to get their products into stores and boutiques and how to gain publicity.Connect with Sarah for her group coaching program here: sarahshawconulting.comSarah also has a free download for the listeners of Power to Grow, if you want a how-to for getting your product into the hands of celebrities, including two letters and a template, which you can get on her website.#sarahshawconsulting #donnagammon #podcast #PowertoGrow ... See MoreSee Less

Video

View on Facebook