Best Way To Know Your Business Partner Ethics

[alohatiger]

Okay, so let's sit down and think about a few things (and old-timers please chime in with your pearls of wisdom, thank you!). How do you do know you have a REALLY good business partner?

A friend of mine has a good wife. She is truly commited to him and works everyday at a small store in a popular place. Surprisingly, she even knows about some dalliances of his, but he always shows for work, and so does she. So I guess the relationship has changed and it's more of a business relationship now (isn't that what a Thai marriage turns into? Or is it: isn't that what a business arrangement is, a marriage? Heh heh. Would like to hear some comments on that.)

So, I guess my pal lucked out. Doesn't happen to everyone like that however.

My guess is I'll go into business with a Thai person whom I do not have emotional relations with. I DO have to have a business relationship with SOME Thai, don't I? I guess if I were to do it right. I would have to have AT LEAST the Thai lawyer, who if female and did me right I would probably fall in love with (haha.)

I do believe my partner must have accountability: i.e., a long-term commitment and recourse. Correct me if I'm wrong: a good sign (but not fail-safe) of your business partner is: a large number of commitments, including properties, family, and whatever else. Lots of experience is a big bonus too. Good relationships with key folks (officials, industry folks, etc.) for whatever reason (good reputation, family connections, experience, interests, whatever.)

I believe the hard question one must ask of your business partner is: why WOULDN'T s/he/they screw me over?

Recourse is an interesting question: is there a legal instrument that can offer me recourse should a specific breach of contract occur? Perhaps, their property held in trust that is located in a country with a rock-solid legal infrastructure? That would of course mean a more balanced relationship. My point is, if I'm pouring money into this operation, shouldn't I have some guarantee of business-like behavior that I can count on?

Perhaps a better-than-average Thai looking for something that only I can provide. I DO find that relationships with folks (of any kind) tend to work well with folks of equal or similar standing: i.e., same level of education, resources, values and interests. True or not?

The question also needs to be asked, "How do you ethically determine your business partner's ethical standing?" Would so-and-so give or take a bribe him or herself (Remember Martha Stewart and Winona Ryder)? Under what circumstances? Would said person associate with unwanted elements and eventually bring problems to the business? Would your partner (Thai or not) bail out on you for whatever reason (divorce, return to country, etc.)

Your partner must be the shining model of humanity, it seems: having resources, yet ethical AND competent. That seems to be an uncommon mix. Even if you have the sweetest darling in the world who would never betray you, if she does not have status she may be pressured by a senior (big sister, mom, aunt, uncle, whatever) to provide things you normally might object to as a business move. Then what do you do?

Furthermore, should you find this shining example of humanity who agrees with you on how to do business, can execute the business side of things, and is actually on your side and won't backstab you, then you have to maintain that relationshp ad infinitum, despite changes in the law, changes in relationship (I want more money, because I don't need you anymore), changes in whatever. It's not impossible, but there are certain dangers to know of ahead of time and steer clear of. However, I've seen businesses grow, mature, and partners part ways, all in a natural way. I suppose that's part of the nature of business, but how can I keep things manageable?

Thank you for your words and I hope my post stimulates discussion that contributes to better business!

Alohatiger

[Gary A]

In my opinion there are NO good business partners. I have had three in three different businesses, two farangs and one Thai. Some said the contracts were no good and not even legal. That may well be, but it would take a two kilogram document to lay out all the details.

[Khun ?]

Money, Family, what nots and Farang is somewhere in top 10 depending on year of dog, rat or monkey and whatever else. The most prayed upon subject is for PIN #

[lannarebirth]

If I were you, I'd avoid a partnership at all costs. Especially with a farang. Start slow, be well capitalized, keep expectations within an achievable range and build your business yourself. You'll be much happier in the end I think.

[alohatiger]

So you actually don't need to have any Thai's for partners at all? I can call all the shots and ensure a nice, well-run business?

I suppose I can learn all the Thai ways of a Thai business owner: where and when and how to pay the electric, phone, etc. bills. Speaking to the landlord about such and such.

Giving gifts on special Thai holidays so my business contacts will feel cared for.

What else am I missing?