Table of contents
Leadership
Table of contents
Sharing successes and headaches (because there are always some) is much better when you do it together, and that is why many entrepreneurs consider, throughout their careers (or at the beginning of their project), bringing a partner into their team. Feeling supported, both at the start and throughout every stage of the journey, can improve productivity and motivation, and even celebrations feel different—promise! The question is: how do you choose a good partner for your business? Today we’ll tell you!
As with every important decision for your company, such as which organizational structure to choose or which work model to implement, the possibilities are endless. Every business project is unique and has needs that are like its fingerprint—one of a kind! Therefore, each company, entrepreneur, or business owner will need a partner with very specific qualities.
Although the range is broad, we can group the different types of partners into two main categories:
These are included in the partnership agreement and are part of the investment and profit-sharing, although it should be noted that they are liable for any debt or obligation incurred by the company not only with that amount, but with all of their personal assets.
Similarly, these partners are also part of the company’s initial capital, but unlike those with unlimited liability, if the company ceases to be profitable or enters insolvency proceedings, they would not have to respond with any additional capital beyond what they originally contributed.
We can also distinguish two other types of partners, a division related to their role within the company. The working partner plays an essential role in the management and ownership of the company, while the purely capital partner only contributes money or assets to the project without necessarily being involved in day-to-day operations.
It is very important that, if you are considering choosing a good partner, you clearly define the functions they will perform in your project, as well as their rights and powers.
By definition, a partner has rights over the company’s assets and/or profits, but also has certain responsibilities to fulfill for the business to succeed.
The functions of partners, however, can be extremely diverse. If the partner is actively involved in the company, meaning they work daily on the project, their responsibilities may include:
As expected, every decision you make for your company will have advantages and, most likely, potential disadvantages to consider. That’s why it’s important to make a list of pros and cons.
Choosing a good partner for the management team is no exception, and although there are many benefits to having another mind leading your project, there are some situations that could fall into the cons column.
Some of the advantages we highlight when choosing a partner for your business include support at all levels (financial support with additional capital, help with daily tasks, important decision-making…), a variety of perspectives to identify mistakes or new opportunities, the ability to delegate and distribute responsibilities based on each person’s soft skills… in short, having a partner streamlines processes, lightens the load, and combines skills to give the company a fresh and solution-oriented perspective.
However, it is inevitable that, when there are two or more decision-makers leading the same business project, conflicts may arise from time to time: perhaps a lack of coordination in decision-making, confusion due to dual lines of authority, or even disputes or personal conflicts. Even if the entire team clearly understands their roles and maintains strictly professional relationships, we are human, and these frictions can appear. They are not the end of the world, of course, but they are the main reason why choosing the right partner for your business is so important.
In love and war, anything goes—but in business, one size does not fit all. Although there are some essential requirements your new partner must meet, you should carefully consider the stage your project is at, your needs, and your team’s personalities.
Hard skills can be learned, but soft skills are intrinsic to each person—and just as important! Here are the basics:
If you feel that now is the time to choose a good partner and bring new talent into your company, adding an extra pair of hands to help steer the ship, it’s probably because it really is the perfect moment. We hope we’ve inspired you to take the leap!
And if this new partner suggests it’s time to bet on flexible workspaces for your new headquarters in Madrid or Barcelona… maybe that’s also a sign that the time is right. Just saying!
“If you want to go fast, go alone. If you want to go far, go together.”
Written by
Our CMO has become a corporate marketing expert after 12 years working towards finding *that* something that makes each brand unique. She is the one responsible for us featuring on the cover of every magazine because she knows how to make the most out of the rebel personality of our workspaces. Strategic, organized and the funkiest manager (she has rhythm, not funk, but not even her knows how to describe it!).
