20 Factors For Long-Term Success When Choosing The Right Biz Partner

Selecting a business partner is one of the most important decisions an entrepreneur can make, as it directly impacts the company’s growth and stability. Beyond shared goals and vision, it’s crucial to assess elements like a partner’s complementary skills, reputation and communication.

Below, 20 Forbes Business Development Council members share the most crucial factors to consider before choosing a business partner. Taking the time to evaluate these elements thoroughly helps ensure a strong, balanced partnership that sets the foundation for long-term success.

1. Alignment In Approach

Choosing a business partner is like choosing a spouse. It is a long-term commitment that requires trust, shared values, aligned goals and open communication. Evaluate how their work ethic and vision complement yours, as misalignment can derail even the best intentions. Choose wisely, as the right partner can define your success. – Chris “Shmiddy” Schmidt, Le-Vel

2. Risk Tolerance

When choosing a business partner, one key factor to consider is shared risk tolerance. Great partnerships build great ventures only when both parties are aligned in their risk approach. This mutual understanding ensures that challenges are navigated collaboratively, fostering trust and stability. Always evaluate if your potential partner embraces risk in a way that complements your business philosophy. – Praneeth Kudithipudi, Sacumen

3. Trust

One of the most impactful traits in a business partnership is a foundation established in trust. Market winds and dynamics blow in different directions very often, and if this underpinning is in place, the partnership will be able to weather most changes and uncertainties. Also, when a high-trust environment is certain, it creates an atmosphere where ideas are shared openly and often. – John Drumgoole Jr, USA Mortgage

4. Open And Honest Communication

The ability to have open and honest communication is the key to success in any relationship, and business partners are no exception. It is a simple tenet, but without it, it is impossible to achieve success. Each party should clearly state their intentions and how they aim to meet their goals. If your targets are not aligned from the get-go, it will be a waste of business development resources. – Eyal Shamir, IceCure Medical

5. Reputation

One of the most critical factors in selecting a business partner is their reputation and how they are perceived by the public, media, employees and other stakeholders. A partner with a strong and positive reputation not only enhances trust in the collaboration but also reduces risks associated with potential crises or negative stakeholder perceptions. – Dima Raketa, Reputation House

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6. Adaptability

When choosing a business partner, adaptability is essential. A partner who can adjust to change helps the business stay resilient and thrive. As Laozi said in the Tao Te Ching, “Nothing in the world is as soft and yielding as water. Yet for dissolving the hard and inflexible, nothing can surpass it.” Flexibility brings strength, fosters creativity and ensures long-term success. – Bryce Welker, The CPA Exam Guy

7. Transparency

Apart from the regular points like experience, competence or track record, transparency is a key factor when choosing a business partner. Open communication from the start builds trust, prevents misunderstandings, ensures alignment on goals and values and helps manage risks. This is essential for long-term success, especially when facing difficult situations or crises. – Egle Pavyde, hVIVO PLC

8. Background Work

Doing background work is essential, especially on how a prospective business partner handles relationships. For example, long-lasting partnerships thrive on alignment through both good and challenging times. Understanding how a partner supported their partners during tough periods can be a key factor, alongside standard qualifiers such as technological leadership and customer focus. – Srinivas Vadhri, Kestone Integrated Marketing Solutions

9. Perspectives That Fill Each Others’ ‘Blind Spots’

The most successful partnerships hinge on complementary “blind spots.” While shared values matter, truly exceptional partnerships emerge when each party brings clarity to the other’s uncertainties. Like a great chess duo, where one excels in opening strategy and the other in endgame mastery, the magic lies in how partners’ distinct perspectives combine to create superior decision-making. – Sidharth Ramsinghaney, Twilio

10. Shared Goals

The alignment of values and goals is crucial when choosing a business partner. It fosters trust, aligns incentives and drives long-term success. When both parties share the same vision and understand what they aim to achieve and why, it enhances transparency, minimizes conflicts and ensures strategic alignment, motivating both to positively push toward shared goals. – Jayant Walia, Gainbridge

11. Managed, Aligned Expectations

Setting and managing expectations is a key tenet in any worthwhile relationship. I think the sooner you can do this in a business relationship, the better, as it will also allow both parties to properly decide whether goals and expectations are properly aligned in order to get the most out of the relationship. – Tyler Hurlburt, Energea

12. Distinct ‘Lanes’ Of Value

Having worked with thousands of companies, I have seen businesses thrive when partners complement each other, operating in distinct “swim lanes” that add unique value. Partnerships with similar contributions can succeed, but defining success is harder when staring into a mirror. Complementary roles often provide clarity, balance and a stronger foundation for long-term growth and success. – Alexander Masters, MBA, BIDA, Siemens

13. Complementary Strengths

Choose a business partner with complementary, not overlapping, strengths and skills. You should have shared priorities and vision but be willing to challenge each other and provide reciprocal expertise. Complementary partners will help the business to grow and succeed. – Julie Thomas, ValueSelling Associates

14. Shared Commitment To Ethical Practices

When selecting a business partner, especially in the direct mail or marketing space, prioritize those who share your commitment to data quality and ethical practices. This ensures data integrity, maintains trust with clients and fosters long-term success. – Maria Youth, PATH2RESPONSE

15. Common Vision And Swift Action

One key factor when choosing a business partner is ensuring a win-win dynamic, with aligned values, ethics and vision. Partners should be on the same page from the start to build trust and mutual respect. Maintaining the partnership requires ongoing communication and swift action to address any misalignment, ensuring the relationship remains strong and beneficial for both sides. – Anna Jankowska, RTB House

16. Character

Character is one of the most important key factors when selecting a partner. It’s crucial to determine if a potential partner processes qualities that will align closely with your company mission and values. Although skills are essential, many skills can be taught through proper training, while integrity and a strong work ethic can rarely be taught. Character can outwork skill in many instances. – Kimberlee Herndon, PROTECS

17. Resilience

Shared vision matters, but so does resilience. Choose partners who not only align with your goals but have demonstrated the ability to navigate challenges with integrity and adaptability. True alignment shows in how they respond under pressure. – Umang Modi, TIAG, Inc.

18. Willingness To Collaborate On Shared Systems

Ensure strategic alignment through collaborative work management tools. A strong partner should align with your long-term goals and be willing to collaborate using shared systems for tracking progress and managing tasks. This alignment fosters transparency, improves decision-making and ensures both parties stay focused on delivering value together in an efficient and effective manner. – Michael Fritsch, Smarter Operations

19. Mutual Value

The core principle in any partnership is simple: the value each partner creates for the other. If there is reasonable equilibrium in terms of mutual value created for both partners, chances are the partnership will have a high chance of success. Also, if one partner stands to benefit disproportionately, then the partnership is likely to fail. – Bindesh Pandey, Comviva Technologies Limited

20. Ability To Create Processes

When choosing a business partner, it’s essential to consider their ability to create processes at an individual and organizational level. Partners should be able to understand the implications and translate key ideas into actionable steps that can be implemented at scale. These parties are typically reliable and will help to stay focused on the shared outcome. – Daniel Root, Barco