I (Frankie) never thought this was something I would have to worry about. I didn't think much about being the co-owner of a business so it just wasn't something that was ever on my mind. But, if you're going to start a work from home or brick and mortar business and you're going to have a partner, this is probably the most important thing you will do.
Andrea and I sort of naturally fell into Coffee Talk Consulting. I started out working with her at her Gal Friday business and everything else just came naturally. We became friends because we discovered that we are a lot alike. We have differences, but it tends to work out that where I am weak she is strong and vice versa. We became fast friends and then business partners. It doesn't always work out that you can start a business with a friend, but this time it did.
There are 3 things I look for in a friend and they translate nicely to a business partner. I want someone who is committed, someone I can trust, and someone who shares the same core values as me. I know we aren't going to agree on everything and that's okay. As long as our core values are the same, the other stuff will work itself out.
When my year started out badly I just didn't have the energy or the sanity to do much of anything work related. I couldn't have written a blog if you'd held a gun to my head. But, because I am in a business partnership with someone who is committed, I can trust, and shares the same values as I do, I didn’t have to worry about writing a blog. Andrea stepped in and wrote every blog for almost 3 weeks in January. That's not just a business partner, that's a friend.
My tip of the day: I'd suggest you look for these 3 main things when you're looking for a business partner; make sure they are as committed as you are to the idea, be positive you can trust them, and ask some questions to see if you hold the same core values. I feel that as long as you have these as your starting point you can't go wrong. Even if the business fails, you'll have made a friend for life.
Frankie and Andrea take turns sharing stories. Just good talk over a cup of coffee.