I have almost 20 years of professional experience with my own business partners and in the transaction business, and I have watched many partnerships form—sometimes very quickly.

Rarely do you see a couple get engaged after one or two dates, but somehow it happens in business more often than it should: Two like-minded business professionals (and many times not even like-minded) see an opportunity and just go for it. I have often compared these scenarios to getting married without discussing your future plans, such as where you want to live, how many kids you want, and if you want pets.

Far too often in business, partners fail to discuss important details: Where do we plan to be in 10 years, 5 years and even 1 year? What do we plan to do in times of extreme challenge or market turmoil?

To better ensure success, I carefully evaluate the attributes of a potential partner. Here is my list of the most important characteristics of a great business partner:

Integrity - For me, trust is freely given but, once lost, is really hard to regain. “The truth shall set you free.”

Responsibility & Accountability - In the last few years, my brother taught me a phrase that has really resonated with me (although I’m not much of a swearer): “GAM,” or “Grown Ass Man.” The trust is I am one, and I am responsible for and accountable to the commitments I make.

Likewise, I expect the same out of a partner. If you say you can or will do something, I don’t plan to follow up or check in. I will assume it’s done and that any problems that arise will be brought forward and acknowledged. You pick the date by when you will complete the task, and then get it done. If the timeline changes, you communicate ahead of time.

I am completely fine with mistakes, as long as you take accountability and don’t blame others. Recognize the mistake and create a series of actions to learn from it.

Work Ethic - Many successful people started their entrepreneurial journeys with a chip on their shoulder. In other words, they were trying to run from someone or something specific. A good partners doesn’t need childhood trauma, but I should not care more about your success than you do. Whether we are talking about playing a sport, developing a musical talent or starting a new business, it will require a lot of hard work. In most cases, you will need to work 10+ hours a day, 5.5 days a week. For an early riser, that means starting your day before 6:00am, and for a night owl, that means working past midnight.

Lifelong Learner - I am a lifelong learner and want to spend time around other learners. It’s energizing to work alongside someone that wants to read, listen and learn. I always love it when a partner shares some new learnings, a book, podcast, etc.

Positive Energy - I look for business partners who see the good in people, communities and markets. It’s important to identify dangers, threats and other possible negative outcomes, but in the normal course of conversation, I don’t want to be in a partnership with someone who focuses on the negative. “The weather sucks. The market sucks. That government leader sucks.” Even if it’s true, what is the point of complaining about it?

Excitement About the Future - Opportunity abounds for my ideal business partners.

Gratitude - I am not so narcissistic that it’s all about me and getting continual thanks, but to me, great relationships are built on reciprocal gratitude. I would argue that it would be tough to find an amazing marriage where both partners are not grateful for the other person and express it openly.

Willingness to Figure it Out - Our entire lives are built on “first times.” A good partner doesn’t make excuses such as, “I have never done that before.”  Rather they are willing to dig in, figure it out, and get it done.

Willingness to Try New Things - Good partners are willing to try different approaches, test new platforms, and “learn new tricks.” The attitude of this-is-just-the-way-I-am and this-is-just-the-way-I-do-it can be problematic in adapting and adjusting to new markets and new approaches.

Open Communication - A good communicator focuses on:

Frequency - Be open and honest. Don’t wait to address issues.

Medium - Be willing to use asynchronous communication. 

Radical Candor - Care personally but be willing to challenge directly.

Passion for Their Product or Service - Good partners are passionate and know their space. I never want to know close to the same things about their space. I always find it curious when someone says, “We don’t have any competition.” Then I do five minutes of market research and say, “What about XYZ company or product?” and the answer is, “Never heard of them.” The lack of knowledge and interest is scary and problematic.

My original intent of this post was to give potential partners a peek into how I think, but I hope this list of characteristics is helpful as you assess business partners.