Business

How to pick a good partner?

I’ve been working very hard just to start development on a piece of software. First, I can design, build and market a website very well but when it comes to serious software I am at a loss since the most I’ve done is build duckhunt out of java. All I had was the basic premise of what this software would do. So I knew I would need some outside help.

Is bringing in outside help bad?

Bringing in a partner to work on a project is often thought as bad since it potentially means you will have to share some of the earnings and there is always the fear that that person you brought in will steal the idea leaving you with nothing. These are real possibilities but they shouldn’t cripple you when necessitiy requires you to bring in a new person.

Don’t make a partner when all you need is a consultant

Before you start thinking about making someone your partner in a project, make sure what you need from them can’t be achieved through lesser measures. Meaning if you just need an industry expert to tell you all the details of what they would want from a software don’t make them a partner, if all you really need them to be is a consultant. In the long run 100/hr is cheaper than any % of a viable piece of software.

Dont hire a consultant when you really need a partner

Just as its better to hire someone as a consultant than a partner if thats what you need, if you seriously need a partner to complete and run the project/business don’t waste your time and money hiring a consultant or employee. For me, I needed someone for the long term to help do things I not only didn’t know know how to do but couldn’t learn to do properly in a reasonable amount of time. So I needed a partner.

Now that I’ve decided I need a partner how do I find a good one?

From past partnerships, failed and succesful, I have noticed a few things that help when trying to pick a good partner.

1. Write a list of the technical requirements you would need from a partner i.e. knowledge, time and financial commitments,etc.
2. Once I know what I need I think who do I know(trust) in the related industry and then pitch a rough draft to them and ask them who they think would fit the requirements.
3. If they know someone, I then call them, tell them who I am and what I’m looking for, if they are interested I set up a meeting in person*.
4. At the meeting there are a few things I try and figure out….
   1. What motivates them? I prefer working with people who are primarily motivated by things other than money. Money is nice but people who only focus on the money dont make good partners, they make good accountants.
   2. Do I like this person? You aren’t looking for a friend but business is easier to do if you can stand to stay in the same room for more than a few seconds with your partner
   3. What do they think about the idea? The answer Im usually looking for here is something along the line of “Its a good idea but you’ll have to do A, B,C for it to work”. A good partner, for me, is able to tell you not only what is wrong with your “great” ideas but come up with some possible solutions.
   4. I ask a few more technical details like job experience, education, time they can devote to the project, I usually have these type of questions answered by the person who refered them but its good to get first person responses as well.
5. If I think they’ll be a good partner for the project I end the meeting saying “I look forward to working with you.” and set up a time to set him/her up with the project. I have luckily never had to do this(If I meet with someone theres Ive already decided95% that this person will be a good partner) but if the person seems like they’ll be a bad partner, the best thing to do is say politely you don’t think they’re what you are looking for.

*Some times meeting in person isnt possible because of distance and phone or video conferencing can be substituted for a face to face but if its a large project, I highly recommend meeting face to face even if that means one of you flying out.

What if no one I know or my friends know is a fit?

If you can’t find a good partner via first hand referral than it gets tricky and you have to rely on other means to find good candidates. There are a few means to find good partners besides first hand referall and I’ll go over them in another post, to be continued…….