Like that quote? It's from the great Winston Churchill.
When Hollywood puts two individuals together that just seem to break the boundary between scripted, and naturally perfect chemistry.
Whether they’re friends or partners, the perfect duo stands the test of time like little else can.
Whether its Robert De Niro and Al Pacino, Will Smith and Martin Lawrence, Jackie Chan and Chris Tucker or Mel Gibson and Danny Glover they all seemed to have great chemistry and who could perfectly bounce ideas off each other..
And property is no different.
You see, great property partnerships have plenty to offer You, including greater profits, a share of the workload and complimentary skills sets.
So how do You find a great business partner? Well for starters, they take time.
We all wish we could build them overnight, but those kind of partnerships generally fail, right?
So are business partners a pre-requisite? Not necessarily but advisors are. You see, people who are great at Your weak areas are. People to celebrate big wins are. People to support You in the down times are.
Not everyone has a business partner, but everyone has partners.
My personal experience was and is that a business partner with opposing and complimentary assets, knowledge & skills but a SIMILAR VISION gives you exponential results. Mine and Mark's previous individual enterprises didn't amass to anything near the scale of current ventures together.
IF the above necessities can be rolled into one person, You've found a great partner.
I/we have also had partnerships that have not worked out, but with 3 in a bed often at least one has to roll over. When you get one of us, you get both.
(We agreed at an early date that if either party wanted other businesses, the other partner got half of their share. This has worked VERY well. I know so many partnerships that have cracked when one party starts to focus elsewhere).
I hope the following experiences helps:
1. Everyone is only interested in what's in it for them. I hear people moan all the time about selfish, dishonest partners. Some may be so, but the other side always says the same thing right? So make sure you find out what they want, and if you or your partnership can give them what they want, they'll give you what you want and be a great partner.
2. Let them do their job and you do yours. Let go. Don't mess with their parts. The BEST way to help them be great at what they do is to be GREAT at your parts.
3. CLEARLY delineate roles with NO duplication. Assign all tasks, projects, responsibilities and positions between you EARLY. Duplication or something completely missed by both parties will cause the most friction and loss of cash. Go as far as to create your end goal chart and write in who takes or manages each role.
4. ONLY go into business with someone you RESPECT. If you find a good, complimentary partner you'll probably think they're a bit weird, you might not necessarily socialise with them; that's probably a good thing. They have to be GOOD at what they do in the partnership.
Friendship and fluffiness is nice, but it's secondary to respect and admiration for the job.
5. Let things go. Know when to shut your mouth and let it go. Or forgive. Or just listen. And know when to step in, give feedback or help.
6. When you're making money, they'll be very few problems. So focus on making money. Sure, we all want to love and give and play, but all that can ONLY happen if and when you're making money.
7. Appreciate them. Buy them BIG b'day & Xmas presents. Tell them often that they're great at what they do and you appreciate them. Listen to them. Work harder than them. If you’re always striving to work harder than one another, you should always be working at optimum efficiency!