When I was building Spheric Technologies, we had a certain strategic partner that played a vital role in our company’s 150% year over year growth.
Great synergy between our core customers and their own.
We had to cut ties.
And here’s why…
Their ethics made us look bad.
They had a “way” of doing business that didn’t quite sync up to our own, and that critical misalignment was wreaking havoc on our reputation, our team’s morale, and our ability to run a show we were completely proud of.
So in one way, cutting them loose was one of the easiest decisions I’ve ever made.
But at the same time, I totally understand the challenge that many founders face when bringing on partners to support their growth.
It’s so tempting to jump the gun and sign off with a partner based on the key metrics alone – size of customer list, market perception, etc.
But after going through the ringer with DOZENS of partners over the last decade (many of which failed)…
I can tell you with absolute certainty that unless they pass this 4-part test, you may be setting yourself up for a world of hurt.
The 4-Part Checklist For Picking The Perfect Partner
Out of all these, #4 (at 4:20 of the video) is by far the toughest criteria to fulfill.
It’s also the most important AND the one most entrepreneurs will willingly neglect in favor of a quick buck.
But if you’re a follower of this series, I challenge you to step up and make it an indispensable part of your team’s vetting process.
Because at the end of the day, your word is your worth…
… and if you’re in this for the long haul, then you absolutely must hold yourself (and your partners) to the highest of standards.
So that’s it for today…
I invite you to refer back to this 4-Step Vetting Process whenever you’re considering bringing a new business partner into the fold.
And in the meantime, I’d love it if you could take a moment to honor a world class partner you’ve had the pleasure of working with in the comments below, and share whatever top vetting insights you’ve learned along the way.
To your next profitable partnership!