The 4-Part Checklist for Vetting Potential Business Partners
When I was building Spheric Technologies, we had a certain strategic partner that played a vital role in our company’s 150% year over year growth.
Massive impact.
Great synergy between our core customers and their own.
Yet ultimately…
We had to cut ties.
And here’s why…
Their ethics made us look bad.
They had a “way” of doing business that didn’t quite sync up to our own, and that critical misalignment was wreaking havoc on our reputation, our team’s morale, and our ability to run a show we were completely proud of.
So in one way, cutting them loose was one of the easiest decisions I’ve ever made.
But at the same time, I totally understand the challenge that many founders face when bringing on partners to support their growth.
It’s so tempting to jump the gun and sign off with a partner based on the key metrics alone – size of customer list, market perception, etc.
But after going through the ringer with DOZENS of partners over the last decade (many of which failed)…
I can tell you with absolute certainty that unless they pass this 4-part test, you may be setting yourself up for a world of hurt.
The 4-Part Checklist For Picking The Perfect Partner
How to Pick The Right Business Partners - YouTube
Dan Martell
2.48M subscribers
How to Pick The Right Business Partners
Dan Martell
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Out of all these, #4 ( at 4:20 of the video) is by far the toughest criteria to fulfill.
It’s also the most important AND the one most entrepreneurs will willingly neglect in favor of a quick buck.
But if you’re a follower of this series, I challenge you to step up and make it an indispensable part of your team’s vetting process.
Because at the end of the day, your word is your worth…
… and if you’re in this for the long haul, then you absolutely must hold yourself (and your partners) to the highest of standards.
So that’s it for today…
I invite you to refer back to this 4-Step Vetting Process whenever you’re considering bringing a new business partner into the fold.
And in the meantime, I’d love it if you could take a moment to honor a world class partner you’ve had the pleasure of working with in the comments below, and share whatever top vetting insights you’ve learned along the way.
To your next profitable partnership!
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