How to Find a Partner

Scaling happens so much more quickly when you have a team. A big part of a team can be having a partner who's on the same page and helps you scale your business. Two like minds get to a goal much faster than one. Especially when we're talking about real estate investing which is a side business for many.

I recently entered into my first partnership in December of 2020. Lucky for me I have known my partner for quite a long time and we were able to agree on everything and jump into things quickly. So far, in 9 months we have purchased 16 properties. There is no way I would have done this volume on my own! We both have very specific roles in the company, talk daily and have an operating agreement put together by an attorney so we know what happens if we ever change our mind and want out.

I believe this last piece is so important. Before entering into any partnership I want to make sure that everyone is on the same page. What happens if they want out? I want it set up so we have a plan if we're not in agreement or one of the partners does something nefarious.

So how do you find this person who is going to help you scale your business to the moon? I focused on finding someone who had complimentary but different skills than I did but also agreed on where we were going and what needed to be done to get there. Maybe you don't need money but need someone who has time? Figure these things out before you enter into the partnership.

A few things I want to know: 

1. Do we have the same goals?

1. Do we have the same time horizon for these goals?

1. Do they have complimentary but different skills?

1. Do they have some capital to put skin in the game?

Finding a good partner can be a life changing experience but I've seen so many partnerships go wrong! Do some due diligence up front and spend the money to have an attorney put everything in an operating agreement. That way when there are disagreements you can refer back to it.