How to be a good business partner

Li Ka Shing, one of Asia’s richest man, wears a tie all the time at work as he “recognised the need to show respect to his partners and people at work”.

Talk to any marriage counsellor and they will tell you that you can’t change your partner, but change must begin with self.

As a business owner, there are things you need to do and also have a level of mindfulness that will be beneficial to your partner which in turn will benefit you.

How do you in turn become a good partner? We believe that the key is to communicate and support your partner consistently.

Please note that consistency and frequency are 2 different things.

Some of our clients tend to overcompensate at the start of a business relationship and throw the entire kitchen sink to the partner while some disappear after a contract signing. So the key is to have a balance in between both to ensure that the relationship stays healthy.

Bear in mind that you are the master of your domain after years of being in the business. So don’t expect your partner to be successful or to learn everything overnight. This requires time – from product learning to business operations.

So what can we do to ensure we are good partners ourselves?

1. Draft out what your support is

In your contract with your partner the support that you spell out has to be detailed to avoid any misunderstanding.

A word in 2 countries can mean 2 different things. Setting expectations on paper first is perfect as it removes any false expectations from either side.

Drafting out your support is crucial to establishing a few things namely;

- Telling an over eager partner that your support is not unlimited so you don’t burn out.

- Telling a passive partner he/she has to work and you have grounds to prove the responsibilities he/she has to do.

2. Put a consistent communication plan

Do consistently meet with them. Some of our clients meet their partners once a month while some meet twice. The meetings are for alignment to find out what the client needs, whether we are doing right by his or her expectations.

3. Meet them face to face

Nothing (not even a zoom call or a cute whatsapp sticker) can replace a face to face meeting to express sincerity.

Face to face meetings eradicate any misunderstanding that might arise from Whatsapp messages as the messages don’t convey tone.

Probably the most regretful thing to happen will be if a good partner leaves with your i.p. when they get frustrated from a lack of support.

A partnership is a 2 way dance. While you are worried about your intellectual property, your partner is worried whether the support from you is comprehensive or not.

As a parting shot, remember that regardless of their socio economic status, how sexy their bank accounts look, our advice is if you don’t feel comfortable with someone then don’t partner them.

Sometimes your instincts are the best form of a guide.

Consider these clients that we have had both positive and negative ;

• a preschool owner acquired by a private equity firm at a premium (about SGD1.5 million) only to regret getting tied to the business for the next 5 years

• An education technology firm that brought in 2 high profile directors only to have the company meetings last longer as no one could agree.

• A tuition center owner who sold 50% of his business at a low price to a capable marketing person saw his business grow 4 fold in 2 years

• A listed company buy in of a f&b business that helped the business expand from 2 to 8 outlets in a year.

About Us

Curt & Co. is a business consulting company focused on the South East Asian region.

We complement our clients through extensive market research and due diligence, providing thorough, feasible and financially efficient growth methods for our clients in the region.

We provide 3 main pillars of services including

• Overseas Business Expansion Consulting

• Marketing

• Business Operations Outsource

Clients have the advantage in ​accessing our network in our help whether to meet partners, set terms for franchisees or licensees or negotiate with direct clients in closing a deal.

Our offices are located in Singapore, Indonesia, Vietnam and Philippines.

Find out more on us : www.Curtconsult.com

Contact Us : hey@curtconsult.com