It is time again for our monthly Q & A
Q: Ben, I respect what you do and admire you as a principal. I had a bad partnership experience in the past. While I continue to move forward with my business, how do I make sure to choose better partners that will help bring success?
A: Thank you for asking me this question and I appreciate the compliment. I have also had problems with partners and I believe I have learned a lot through those experiences. Let’s first define what a partner is and how they relate to your business. According to House Random Dictionary 2016, a partner is “a person associated with another or others as a principal or a contribution of capital in a business or a joint venture usually sharing its risks and profits”. Your business partner can empower your company to grow and develop into a huge success or your partner can create conflict and failure. It is extremely important to choose someone that complements you when selecting a business partner because as your business grows your synergy will become that much more important.
Below are a few qualities I seek in a partner. Hopefully these characteristics help you align yourself with partners that are congruent with you and your company:
- Follow Through: Someone who commits to a task through completion. They take into consideration any deadlines and makes sure that all parties are satisfied with the result.
- Implementer: Someone who is able to take appropriate action steps resulting in the deserved outcome.
- Problem Solver/Solution Oriented: Someone who can identify problematic issues and can help navigate towards a solution.
- Focus: Someone who possesses the ability to stay focused on necessary tasks without becoming side tracked or distracted.
- Accountable: Someone who takes ownership of their work and takes responsibility to make sure their work is being completed.
- Communicator: Someone who has the ability to communicate in a manner that is clear and concise. Someone who is approachable and stays connected with members of their team.
Now that you know what I’m looking for in a partner, let’s do a deal together. We are currently seeking additional acquisitions to review in order to acquire by the end of the fourth quarter this year. Can you help us? Please see our acquisition criteria below.
Single Tenant Medical Properties
- Purchase Price between $2-20 Million
- Rental Growth In the Initial Lease Term
- Top 50 MSA’s
- Tenant has large investment in property (no general medical office)
For further information on our acquisition criteria, please click here.