The Partnership Evaluation Survey
Now that you have a better grasp of partnerships, you are a step closer to determining if you are a suitable candidate. The decision for partnership begins early, prior to submitting the franchise application because the Franchisor will want to know all the parties intending to operate and/or own the business.
The next step is to answer a series of "Yes" or "No" questions that when added up can help you decide if a partner is just what you need – or not. Partnerships mean one thing on paper and another in operating a business. If there is a synergy between the legalities and the workplace relationship, the formula calls for a successful partnership. Partnership conflicts can be avoided – the goal is to keep an open mind about the realities and challenges that businesses in general present.
On a piece of paper, draw a line down the middle and in the left column write the numbers 1-15. As you answer each question honestly, write Yes or No beside the appropriate number.
- Do you feel the business requires more than one person to operate it?
- Does the franchise operate more than 50 hours per week?
- Has your spouse refused or cannot work with you in the business?
- Are there more a number of positions or departments other than managing the business that will need supervision?
- Do you lack certain business skills required to operate the franchise that you can’t outsource or teach yourself?
- Do you plan to borrow money to fund the investment?
- Do you believe that only you and you alone can make the franchise successful?
- Are you a push-over and easy to control or manipulate?
- Do you hate delegating?
- Does the idea of splitting profits of a successful business with a potential partner satisfy you?
- Do you turn away from problems, conflicts, and challenges and prefer someone else to confront them?
- Are you a trusting person and feel that others can trust you?
- Do you enjoy being led more often than having to be the leader?
- Have you often been told that you are disorganized, a bad judge of character and not very good at managing your time?
- Do you agree with the saying, “Two heads are better than one?”
How did you do?
The more “Yes” responses you tallied signify that you could be an excellent candidate for partnership because your character and characteristics require additional support. If you tallied more “No” answers, this indicates that a partnership may not work because of your independent nature and reliance on individual success.
Neither of these outcomes should be construed as positive or negative. They are merely indications of character profiles, not franchise success profiles. When the times is right and you have selected the right franchise opportunity, you will know if seeking a partner is the next critical path to take.
John & Sally and Maggie – Who Could Use a Partnership More?
As for John & Sally and Maggie, it is quite likely that even though the couple are considering a partner, they may not need one. If they lack experience in sales and marketing they can easily outsource or hire a consultant. The fact that they’re married and equally motivated to run the business makes both husband and wife good partnership candidates.
Maggie, on the other hand, may not be a good candidate for partnership yet looking at her lifestyle situation, she may have a better chance at success with a partner, perhaps someone willing to partially fund the business and act as a silent partner. Not being open to the idea of outside resources can limit her business’ growth. A Franchisor may not look at her situation favorable because she is single and not putting much of her own money into the business.
