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What to Look for in a Good Business Partner

Hi, I’m Jordan Daykin, CEO of GripIt Fixings. You may have seen me on Dragons’ Den back in 2014. When I was 18, I decided to take my product that me and my Grandad, Stan had invented on to the programme in order to take it that much further. I was successful in obtaining an £80,000 investment from Deborah Meaden for a 25% stake in my business.

Therefore, my business partner is Deborah. We work very closely together in order to get the business where it needs to be, even though me and Deborah do not work with each other every day, we are always talking about ideas and strategies and be it via email, phone calls or text. I have been asked by KashFlow Software to write a blog about “what to look for in a good business partner” (thanks for asking guys!).

Firstly you and your business partner need to have a great working relationship together, enabling you get on, after all you are going to be working with them for a very long time. You both need to have input on the business as much as one another. You are going to be working together as a team and you both should have the same goals for your business. Therefore, it needs to be someone you can see yourself working with.

You must be able to trust your business partner, trust is very important in a business when you’re not around, this person will need to be able to make decisions on your behalf, the decision they make need to be what you would have done. You need to have the same frame of mind meaning the decision you both make need to be what you both want. Decisions made by both of you need to be made in the best interest of the company.

A business partner needs to have the same amount of commitment and passion as you do. If you do your, business will do well, you and your business parent will also work very well together. I wish you all the best in choosing your business partner (it could be a very hard decision).

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