I once had a business that was growing tremendously, I was young and naive and was approached by two "outstanding citizens" in the community. They wanted to help me grow the business and offered their services on a delayed billing plan. I jumped at the chance not knowing they had one goal in my mind - to get me out, and and take over the company.
It happened and I sucked it up and created something new and did it again a few years later. (we right brain people tend to forget lessons learned)
Whenever you think of bringing someone in take a breath... step back... and review the situation. What is the value of them coming in? Would it be better if you did it on your own or hired someone part time? Check their references and ask these questions:
- Are they easy to work with?
- Do they know your business?
- Are they loyal?
- Do they have your back?
- Is what you are bringing them in for really needed?
If you bring a partner into a business it is no different then a marriage! Seriously, it is that deep a relationship. In a good marriage there is give and take, compromise, teamwork, loyalty, dedication and empathy.
A good management team help!
Chances are if you are an entrepreneur you will need business partners that will balance you out. You go right and they help push you left so you eventually go forward.
You probably are the sales and ideas person and you need someone to handle the growth day to day operations and financial matters. Sit down with the individual you want to bring in, get to know them well. Tell them your goals, your strengths and what you need their help with. Be honest and open and see if they are as well. Then when you do bring them in, follow what you agreed with them: LET THEM DO THEIR JOB!
Use this thought when you are dealing with long-term vendors, employees and consultants. They will be with you the entire time whether the company succeeds or fails. Look at them when you are interviewing them for the job, how will they handle all kinds of situations? Are they loyal, honest people that understand they are working for the business not you! (remember proper setup).
I was in a tough spot a few years ago trying to rebuild a company that was falling apart, I needed some contracting work done and just took the first group that liked the project. I was honest with them up front and told them it was a startup, and that we had a deadline to perform a task in order to achieve some financing. They not only didn't perform and the business didn't get financing, but they still send my emails etc complaining.
Be careful who you choose to be part of your family, that is what a Corporation is. It is a bunch of people working to earn a profit for the Company. They work for the company through people designated to head that company. A good company, like a good family, is made up of a lot of loyal, dedicated people that will work together through any crisis. Look at your vendors, look at your employees and contractors will they be loyal to you?
Copyright 2009 John DeTitta