Adam Ferrari Discusses Finding Complementary Business Partners for Your Web Business

There are many solid reasons for entering into a new tech
venture with the right business partner. Finding that right partner
can be a challenge because you want someone who fills in needed
skills and knowledge gaps but who can also think independently. The
best co-entrepreneurs are able to look at problems from different
angles and offer input from their own perspectives. In this
article, founder and
chief executive officer of Ferrari Energy, Adam Ferrari
looks
at the best ways of finding a complementary business partner.

  • Look for a Partner You Truly Like Spending Time with
    and Shares Your Values

When you work with someone who you genuinely enjoy spending time
with, you are on the path to a trusting relationship. Trust is also
much easier to develop with someone who shares your fundamental
values. Developing trust with others is always a building process,
so look to work with someone you believe you will be able to build
strong trust with over time. Your personal values direct your
interests and decision and sharing those interests with your
partner will make it more likely that you will see eye to eye on
important decisions in your business. Attitudes towards ambition,
work ethic, politics, and family values all have a direct impact on
how company decisions are approached.

  • Emphasize the Search for a Complementary Skill
    Set

You should have a strong feeling about your
self-assessment of your own skills and abilities
. When you
understand your personal strengths and weaknesses, you will be
better suited to find a business partner that will not only support
your strength but who will also fill in the gaps in areas where you
are not as strong. If you are a wizard with the technical skills
required by your industry but know very little about marketing and
entrepreneurship, it should be fairly obvious what type of person
you should be looking for. Consider three major areas that you and
your partner should be able to effectively attack through teamwork:
technical skills, entrepreneurship, and day to day management.

  • Find a Partner with a Similar Exit Plan for Your
    Project As Yours

You and your partner should be on the same page with regard to
the overall plans and goals for your business venture. If your plan
is to build a company that you can leave to your children, but your
partner envisions building a business that can be sold for a nice
profit in five years, your fundamental difference in exit
strategies is sure to lead to conflict. You can never predict the
future with any certainty, of course, but you should try to find a
partner with an exit strategy vision similar to your own.

  • Vet Your Partner’s Financial Stability and Expect to
    Do the Same

A partnership is commonly referred to as a “business
marriage.” In order to be successful, both parties must have a
full and honest impression of the other’s financial condition and
ability to commit to the business in the event that plans and
conditions regarding finances change over time. Do not be shy about
sharing credit reports with each other and having a frank
discussion about personal financial commitments to the success of
the business. 

  1. About Adam Ferrari

Adam Ferrari is the
founder of the Denver-based mineral acquisitions company
Ferrari Energy
. He is a chemical engineer by degree and is an
accomplished petroleum engineer by profession. He also has
experience in the financial sector through his work at an
investment banking firm. Under his leadership, his company has
supported numerous charitable organizations including St. Jude
Children’s Hospital, Freedom Service Dogs, Denver Rescue Mission,
Coats for Colorado, and Next Steps of C

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Adam Ferrari Discusses Finding Complementary Business Partners for
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Adam Ferrari Discusses Finding Complementary Business Partners for Your Web Business