SME Voice – What to look for in a business partner
The latest in our series of guest blogs from experts in business comes from Jordan Daykin, CEO of GripIt Fixings. Jordan is one of the UK’s most well-known serial entrepreneurs after he became the youngest person ever to get investment on the BBC’s Dragons’ Den programme in 2014. Businesswoman Deborah Meaden offered Jordan £80,000 investment for a quarter stake in his company, taking his clever garden shed invention to a £12 million pound global business. In this blog, Jordan ruminates on the key things to look for when selecting 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 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.
Deborah and I work very closely together in order to get the business where it needs to be. Even though Deborah and I do not work with each other every day, we are always talking about ideas and strategies be it via email, phone calls or text. Below I have outlined what I consider to be the key factors when choosing a good business partner:
- Pair up with someone with similar goals
Firstly you and your business partner need to have a great working relationship, after all you are going to be working with them for a very long time. You both need to have equal input on the business too. As you are both going to be working together as a team it’s crucial you both have the same goals for your business as well.
- Trust is crucial
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 that they will make should be the decision that you would have made in that circumstance. These decisions also need to be made in the best interests of the company.
- Commitment and passion is key
A business partner needs to have the same amount of commitment and passion as you do. Not only will you and your partner work very well together if you do, but your business will also do very well in the process. I wish you all the best in choosing your business partner (it could be a very hard decision!).
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