Entering into a business partnership with another person can be an exciting undertaking. With the right partner, you can pull resources, share responsibilities, take your venture to greater heights and grow your bottom line.
However, a business partnership can be as consequential – for better and for worse – as a long-term romantic relationship. You want someone you can work with. How can you secure “the perfect match” for a business partnership? These are a few questions that can help to guide you to the right business partner:
Do they possess skills that you lack?
First off, be clear on why you want to get into the partnership. Next, be honest with yourself and evaluate the skills you have and what you could be lacking. It makes perfect sense to find a partner whose skills are complementary to yours so that you can both contribute in unique, meaningful ways to your company’s operations.
Are they mature enough to resolve disputes amicably?
Make no mistake, disputes are part and parcel of every relationship – including a business partnership. Thus, as you look forward to a business partnership in which you will get along most of the time, it is important to understand that disagreements are inevitable. You’ll want a partner who will put the partnership’s interests above personal interests and focus on the bigger picture: the success of the business.
Do they share the same vision as you do?
You’ve probably heard the adage, “Two cannot walk together unless they agree.” This is very true when choosing a business partner. You’ll want someone who shares the same enthusiasm and dedication to nurturing and growing the business as you do. With a shared vision, you will have an easier time putting in place a strategy for growing your business.
Protecting your interests
For whatever reason, some business partnerships simply do not work, and this might have very little to do with the partners involved. As a result, you should not overlook the need to protect your interests as you’re setting up a partnership agreement. Seeking legal guidance is a good place to start, no matter how perfect your new business partner may be.