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The simple truth is that no one truly succeeds on their own. While some have accomplished amazing solo achievements, there have always been people in the background who have partnered with them to provide the support necessary for their accomplishment.
Given this, it would seem obvious that a partnership of some kind would be the way to go in any venture. While amazing things can happen because of partnerships, they do not all, unfortunately, succeed.
Putting the personal in partnership
As a result, care must be taken when entering a partnership. Like most everything in life, the relationship and ensuing benefits will not come automatically; it will take a lot of work, perseverance and mutual commitment to ensure longevity. There will always be moments when the issues seem insurmountable, and one or another participant wants to quit.
One couple, when asked how they managed to stay together for close to 50 years stated, “We learned how to fight fair.” In other words, when they engaged in disagreements, they kept the focus on the issue at hand, not in any way demeaning the other person.
Another couple, married even longer, answered the same question by stating, “Fortunately, neither one of us gave up at the same time.” The simple truth is that there are times we all want to quit, but those who are truly committed press through and do what is necessary to preserve the partnership (assuming that the partner is not abusive, blatantly dishonest or has a fatal character flaw that is destroying the relationship).
The same principles apply to business partnerships. Business partnerships survive because the participants realize the need for constant, ongoing work on behalf of all of the partners. Ben Kinney, co-founder at PLACE, says it succinctly, “Every time you enter a conversation with a partner, you need to be asking the question, ‘Am I working on staying married, or am I working on getting divorced?’”
He further clarifies, stating, “If you are not consciously working on ‘staying married,’ you are automatically, unconsciously working on getting divorced.”
Another problem comes from failing to understand that a partnership actually exists. While this may sound strange, whenever two individuals come together with a common purpose, they are entering into a partnership whereby each party expects to benefit from the partnership and must therefore hold to certain standards to maintain the relationship.
In real estate, partnerships occur when a brokerage or team hires an agent. In both cases, the agent joins expecting to receive specific benefits, and the brokerage also assumes they will be rewarded. When agents leave to head for greener pastures, regardless of whether they use the excuse of “lack of leads,” state that there are issues with their splits or what have you, they are simply revealing symptoms of a deeper issue: a belief that the partnership is not meeting their expectations.
As someone who has been in numerous successful business partnerships, Kinney has developed the following 10 benchmarks for being an amazing partner and believes that, when looking at building a partnership, frank upfront discussions should be had that include these metrics.
1. Complementary skills
“A great partner has strengths that complement your own. This means both partners can focus on their areas of expertise while balancing each other’s weaknesses.”
No one has all the skills they need to succeed. Solo agents can only go so far before they need to partner with someone to get to the next level. That new partner needs to have the skills required to handle the specific components of the business that the original partner does not have, and the lack of which has limited next-level growth.
2. Aligned mission and values
“They share a similar long-term vision for the business and align with your core values, ensuring that decisions and goals remain consistent over time.”
Partnerships become powerful when there is 100 percent buy-in by all parties to the agreed-upon mission, vision, values and purposes. When hard times come, and they always do, the shared values are a reminder of the original plan and purpose and serve as a touchstone for the partners to anchor to in order to survive through the storm.
At times it will be necessary to remind partners of their original commitments and encourage them — regardless of the current circumstances — to do what is necessary to get back on track with their stated mission, vision, values and goals.
3. Trustworthiness
“Trust is foundational. You should be able to rely on them to act in the best interest of the business, to be transparent, and to keep their commitments.”
Trustworthiness is someone saying they will do something and then keeping their word. Some real estate agents, eager to join a team and reap the benefits, will say and commit to anything just to get on the bus but have no real intent to do the required behaviors they committed to do when they joined.
Trustworthy partners commit and then deliver, no matter the circumstances, and they need to be able to rely on the other partner(s) to do the same.
4. Clear communication
“Effective partners communicate openly and clearly, addressing issues head-on, providing constructive feedback, and being proactive in problem-solving.”
The most surefire way to end any relationship is to stop communicating. It is a two-way street and there has to be authentic and transparent dialogue. If one party is unwilling to discuss issues, resentment can build up, fester and then become toxic.
Like a serious infection can kill if left untreated, a lack of effective communication can do the same. The irony here is that if you allow resentment to build, it does not harm the other person — it hurts you. Effective partners know that they need to deal with issues immediately before any given problem becomes serious enough to do damage.
5. Shared work ethic
“A strong partner is as committed to the business’s success as you are, sharing the workload and demonstrating dedication through hard work and perseverance.”
Many team leaders built their organizations out of a passion and commitment that required a substantial work ethic. They knew that they needed to put in the time required to get the desired results. Frequently, however, individuals they bring onto the team do not share that same passion and work ethic.
Teams succeed when each partner has their oars in the water and is fully engaged. Kinney states, “I want to run with those who run like me.” He further clarifies, “Look for people who are willing to do what you did to get started.”
If you have partners who are not willing to fully engage, you should consider helping them off your bus so they can partner with someone else who does not care as much or has lower standards. Truth is, if they are not producing, they are actually producing a drag on the organization and using up valuable resources better used by those who are willing to produce. Give them one last chance to reengage and step up their game or leave.
6. Adaptability
“The ability to pivot when necessary and adapt to changing circumstances is crucial. A good partner remains flexible and open-minded in solving challenges.”
Kinney explains, “I never thought, when we were building PLACE, that we’d have a pandemic start, and then have the craziest real estate market of all time before we had the infrastructure to support it, and then have 8 percent interest rates and the highest inflation that we’ve seen in 30 years, and have the largest reduction in transactions in U.S. history and a 25-year low in the number of sales, and then have an industry-changing lawsuit happen … I never thought of that. I didn’t think that was possible. It never crossed my mind. But we adapted.”
If you are a “whatever-it-takes human, you will do whatever it takes.” It doesn’t matter that cleaning toilets might not be on your list of preferred jobs — you do what is necessary to adapt to the circumstances.
I know of team leaders who, when income dropped dramatically as the market tanked, stopped drawing a salary from their company so they could keep their team employed. In turn, however, they expected that their partners had the same commitment to flexibility and the willingness to double down and do what it took to survive.
7. Emotional intelligence
“This includes self-awareness, empathy, and the ability to manage relationships and navigate conflicts constructively.”
There is no place for emotionally immature people in a successful partnership. They will refuse to accept responsibility, will point fingers anywhere but at themselves, and will not be willing to navigate conflict or solve problems in a healthy, constructive way.
8. Financial responsibility
“A great partner demonstrates sound financial judgment, knowing how to balance risk with potential rewards and managing resources wisely.”
Financial irresponsibility is one of the prime factors that blows up marriages. We have all heard stories of one of the partner’s spending problems that threaten to bankrupt the household. We have also seen fortunes lost by unwise investments.
The same applies in a business; each partner needs to be able to trust that the other partner(s) has sound, financial principles. A key part of financial accountability is agreement on behalf of the partners to allow input into your financial practices: whether by a financial mentor, coach, astute accountant, asset manager and so on.
9. Accountability
“They take responsibility for their actions, decisions, and contributions to the business, owning up to mistakes and learning from them.”
Great partners take responsibility for their actions. They own their mistakes. When one of the partners tries pinning the blame for poor outcomes on others or external circumstances, you know you have an issue.
10. Positive attitude and resilience
“An optimistic partner can help maintain morale and resilience in the face of adversity, inspiring the team to push through challenges.”
There will always be tests and trials. How these are handled, however, makes all the difference. This is why partnerships can weather a storm better than individuals: they can encourage each other in the midst of adversity. When one is weak and discouraged, the other can remain strong and positive, providing the buoyancy needed to keep the ship afloat.
At the end of the day, only four or five key partners are needed to build a massive business. Who you choose to surround yourself with and how closely they adhere to these 10 factors will ultimately determine whether you will succeed.
Five amazing people can radically change your world and, as you prosper, they will as well. Find them, partner up and begin to pour yourself into them. To begin, however, use these 10 factors to evaluate yourself and how you are personally scoring in your existing partnerships. You may find that you score high in some areas but discover other factors where some work some work is required.
Effective partnerships can have massive rewards. In the individualistic world we live in, where everyone seems to be in it for themselves, partnerships are the key to prolonged success. Kinney explains, “Getting to the end of the marathon just isn’t as good when you have no one else there to celebrate it with. There is no prize for getting to the finish line alone. The prize is for getting to the finish line and bringing others with you.”
Howard Schultz, past CEO of Starbucks, knows a thing or two about success and key partnerships. He agrees, stating, “Success is best … when it’s shared.”
Carl Medford is the CEO of The Medford Team.
