Episode 51: How to find (and keep) the right business partner(s)

This week is going to be a little different - my good friend Quynton will be sharing his perspective on building a business with partners.

I still remember the moment I realized I wasn’t just playing the part of a business student—I was actively shaping my future as an entrepreneur. 

During my second semester of business school, I found myself in a late-night strategy session with three classmates who would eventually become my partners. We were crunching numbers for a class project, but it felt far more significant than the usual schoolwork grind. There was a buzz of shared energy, the kind that crackles and pops when everyone is on the same wavelength.

Between sips of stale coffee, I noticed something bigger was unfolding. We weren’t just trying to snag an A on a presentation; we were discovering how our strengths and weaknesses intersected and complemented each other. Those nights brought more than improved PowerPoint skills—they revealed a sense of camaraderie grounded in mutual respect, a shared sense of purpose, and genuine excitement for tackling real-world business challenges.

Even before I finished my MBA, I knew that finding the “right” people was no small task; it was a pivotal turning point. And while I never believed you have to enroll in an MBA program to meet solid business partners, there’s no denying that sort of environment can serve as a shortcut to finding fellow travelers with similar ambitions. Of course, you might meet a phenomenal partner elsewhere—at a local meetup, through a friend’s introduction, or in a Slack community dedicated to your industry. 

The key is recognizing the spark of alignment when you see it.

Over time, as my partners and I navigated investments, launched side hustles, and scaled businesses, we discovered there’s more to partnership than a handshake and a shared dream. It’s part communication marathon, part trust exercise, and—shockingly often—just like a marriage in all the best (and sometimes challenging) ways. 

Let’s explore how to find, nurture, and sustain that elusive perfect-fit partner.

Business partnerships require more than just a shared vision

Many new entrepreneurs have an idyllic vision of business partnerships: two (or more) go-getters magically unite, splitting profits 50/50 in perfect harmony. It’s a picturesque fairy tale akin to believing you’ll never argue with your spouse. The reality? Partnerships can be hard. They demand constant communication, shared accountability, and, perhaps most importantly, a willingness to disagree productively.

Research by psychologists like Dr. John Gottman suggests that conflict itself isn’t the issue; it’s how we manage and engage with it that determines whether a relationship will thrive or wither. In the business world, unresolved conflicts—over finances, roles, or even communication styles—can snowball until they derail everything you’ve built.

A common misconception is that more partners automatically mean more success. Yet, teaming up with the wrong person—someone who doesn’t share your values or complement your skill set—can be catastrophic. Some experts even advise first-time entrepreneurs to avoid partnerships altogether, emphasizing that working independently is better than rushing into a “marriage” with someone who might not be the right fit.

But what if you do want or need a partner—someone whose strengths offset your weaknesses, someone who can help shoulder the burden and multiply your efforts? Then the big question becomes: How do you find that person, and once you do, how do you ensure you stay aligned over the long haul? 

That’s where clear frameworks, transparent communication, and a deep understanding of each other come into play.

From class projects to real-world ventures

In the waning days of my MBA, the quartet of us who’d worked on countless group assignments decided to push our synergy beyond the classroom. We started scouting small businesses to purchase and invest in, hoping to build a portfolio of cash-positive assets. It was equally thrilling and nerve-racking: we had the theoretical know-how from our studies and corporate backgrounds, but real money—and real livelihoods—were now at stake.

Early on, we learned the importance of deciding what to do with the money first. 

That meant clarifying how earnings would be handled, where they’d be deposited, and how each person’s share would be distributed. For our advisory gigs, for instance, we insisted clients wire our payments to separate accounts, eliminating any confusion or potential resentment if one partner had to redistribute funds later. 

It sounds simple, but it was a game-changer in preserving trust. Think of it like a prenuptial agreement in marriage: nobody wants to talk about breakups before the honeymoon starts, but having that clarity can save a lot of heartbreak.

Communication is the lifeblood of partnership

Yet, money was just one piece of the puzzle. Our most vital lesson came down to communication—how we spoke to each other, how often, and in what format. 

We decided on Slack for day-to-day business convos, Notion for project management, and Google Meet when we needed to see each other’s faces. We also deliberately separated our personal numbers for purely social chatter. That boundary helped prevent 11 p.m. “Hey, can you check that spreadsheet?” texts from invading personal downtime.

We took a cue from relationship studies, particularly the work of James Córdova and John Gottman, who emphasize the power of scheduled “check-ins.”

In marriage research, they call it a “Marriage Checkup” or “scheduled disagreement”—a time to address tough topics calmly, ensuring issues don’t fester. For us, this meant holding regular calls to voice any concerns—be it about the direction of our marketing strategy, an operational challenge, or our own personal stress levels.

In some ways, it felt over-structured. Did we really need a special meeting to talk about potential conflicts? It turned out, yes!

Having these sessions on the calendar meant no one felt blind-sided or forced into “debate mode” at inconvenient times. Instead, we could approach sensitive conversations armed with data, fresh mindsets, and a commitment to problem-solving rather than finger-pointing.

Conflict can be constructive

You’ll often hear seasoned entrepreneurs say partnerships are like marriage. It’s not just a catchy analogy; there’s a solid psychological backing behind it. 

According to Morton Deutsch, a pioneer in conflict resolution, it’s crucial to adopt a mindset focused on learning rather than winning. This approach reframes conflicts into a mutual challenge instead of a personal attack. 

So, rather than you vs. me, it’s us vs. the problem.

When we argued about whether to invest in a particular niche business, the conversation would sometimes get heated. One partner worried it was too risky given the overhead costs; another was excited about the potential for high returns; I was somewhere in the middle. 

Instead of letting our heated emotions escalate, we practiced the “pause and calm down” approach. Each of us took the time needed to cool off, then came back to the table with calmer heads. 

It sounds simple, but it helped us articulate our concerns without letting them fester into long-term resentments.

Selecting the right partner goes beyond first impressions

Of course, none of this matters if you’re starting with the wrong person. 

Selecting a partner is about more than being in the same social circle.

 Industry experts recommend looking for:

1. Complementary Skills – One partner might be a wizard at sales and marketing while the other excels at operations or finance.

2. Shared Values – Ask yourself: “Could I see myself working with this person through a crisis, or pulling an all-nighter with them?”

3. Experience and Gratitude – A track record of perseverance, a willingness to learn, and a genuine sense of appreciation can go a long way in problem-solving.

4. Long-Term Perspective – Do they obsess about quick wins or are they ready to weather storms? Partners who bail at the first sign of trouble are rarely ideal.

5. Trust But Verify – Talk to people who’ve done business with them. Read reviews, check BBB records, and if they’ve raised capital before, speak with their past investors.

Red flags? Vague responsibilities, a history of failed ventures with zero lessons learned, or repeated conflicts in prior partnerships.

It’s like online dating—except the stakes often involve more than heartbreak; they can involve real dollars and, yes, the heartbreak of business failure, too.

“Marriage Checkups” for business

Borrowing again from relationship research, we realized we needed not just conflict resolution, but also proactive maintenance. 

Thus, we instituted quarterly “business partner checkups.” 

These sessions mirrored James Córdova’s Marriage Checkup idea:

• Assess Strengths and Weaknesses: Are we overextending on any project? Is someone’s skill being underutilized?

• Review Roles and Responsibilities: Are we happy with the distribution of tasks, or is it time to reshuffle?

• Address Emotional Build-Up: Any frustrations or resentments creeping in? If so, talk them out.

• Plan for Growth: Which new markets or services can we explore?

We discovered that when these meetings went well, we left feeling energized and more unified. When they were rough, we still walked away with a better understanding of each other’s perspectives. 

Conflict, if handled openly and respectfully, can actually become the glue that solidifies the partnership.

Take action to strengthen your business partnerships

Below are some concrete steps you can take to find—and keep—a well-aligned business partner:

1. Create a partner matrix

   • List all potential partners and their key strengths (operations, marketing, finance, etc.).

   • Add notes on work ethic, communication style, experience, and references.

   • Identify complementary skill gaps. If you’re a marketing maven, do you need someone good at budgeting or logistics?

2. Test the waters with small projects

   • Before diving into a formal business partnership, collaborate on a one-off contract or a smaller endeavor.

   • Evaluate how you each handle conflict, deadlines, and decision-making.

   • Notice if you both adapt well when surprises pop up—like last-minute changes or a demanding client.

3. Set communication frameworks early

   • Decide which tools you’ll use for day-to-day (Slack, Teams, or text) and for in-depth discussions (Zoom or Google Meet).

   • Align on how often you’ll have check-ins—weekly? Monthly?

   • Determine guidelines for responding to messages after hours. Clarity here can save you from endless frustration.

4. Establish a clear financial structure

   • Agree upfront how profits and expenses are split.

   • Decide where funds will be deposited and how they’ll be distributed.

   • If one partner is bringing in more capital, be clear about equity or revenue-share expectations.

5. Schedule “partnership checkups”

   • Every few months, meet specifically to discuss the health of the partnership.

   • Utilize a framework: what’s working, what’s not, and how can we realign responsibilities?

   • Take a cue from couples therapy: if an issue is too hot to handle immediately, table it for a time when everyone can calmly focus on solutions.

6. Plan for the end—even if you hope it never comes

   • Outline what happens if someone wants to exit.

   • Decide how equity, responsibilities, and finances will be handled in a split.

   • Though it’s tough to talk about, a clear exit plan prevents future chaos.

Secure future success through alignment and trust

Looking back on those late-night sessions, I never could have predicted how forming that initial team would become the bedrock of my entrepreneurial journey. Yet here we are: investing in companies, running advisory projects, and leaning on each other when the going gets tough. 

The “honeymoon” phase of a new venture is exciting—who doesn’t love dreaming about future success? But it’s the systems, communication habits, and shared values you put in place early on that truly determine whether you’ll stick together when challenges arise.

At its core, a business partnership is about trust, respect, and a shared vision for the future. Conflict is inevitable; it’s how you navigate it that counts. 

Remember: conflict and disagreement can be constructive forces—opportunities for deeper understanding—if you approach them with empathy and structure. You don’t have to be in an MBA program to find people who fit that mold; you just have to be intentional about seeking them out, verifying their credentials, and cultivating open lines of communication from day one.

So, if you’ve been dreaming of your own complementary partner in business, here’s your invitation: Start mapping out your personal ecosystem today. 

Reach out to a colleague, a friend, or someone in your industry network. Try a small project together, see how it feels, and go from there. You might discover the perfect person who challenges, supports, and ultimately helps you build something bigger than you could ever build alone.

And when you do, remember to keep that “marriage mindset” in check—it might just save your partnership (and your sanity) down the line.

A big thank you to Farhan!

A huge thank you to Farhan, my colleague, coworker, thought partner, and friend, for inviting me to share my thoughts in his weekly newsletter. 

I’m not only honored to call him a friend but also a fan of the insightful, thought-provoking posts he consistently delivers.

I’m just beginning my own journey into content creation—hopefully launching a Substack later this year—and I’m grateful for the chance to dip my toe in here. 

With any luck, Farhan will invite me back, and I’ll be able to point you all to a place where you can follow my evolving takes on business, growth, product, marketing, and much more. 

Until then, feel free to connect with me on LinkedIn; I’m always eager to expand my network and continue these conversations. 

Until next time!

—Quynton Johnson

As always, feedback is a gift and I welcome any/all feedback on this episode. See ya next week!

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