A good business partnership can help you turn a dream into a set of goals, and those goals into a reality. But how do you find your perfect match?
Not everyone is lucky enough to have a friend or relative that shares their business dreams. Finding the right business partner can be tough.
Tips that can help you tell a good business partner from a bad one
Taking the plunge on a business partnership can be just about as complicated as getting married — and the consequences to your future are similarly far-reaching. To find the right business partner for you and your enterprise, look for these signs:
- You have complementary skills. If you’re both brilliant graphic artists, that’s great — but who is going to actually handle the business operations, marketing and workforce? You want a partner who can share the load.
- You both have the same priorities. Are you overall goals for the business aligned? If you have an altruistic bent and your partner is more about the bottom line, you may quickly end up at odds with each other.
- You are both willing to devote equal amounts of energy. If your business is your major priority but it’s just a hobby for your partner, you’re probably going to be frustrated with their lack of effort.
- You can both speak dispassionately about the legalities. A good partnership requires a partnership agreement that talks about how money will be handled, who controls what part of the business (and how much), how disputes will be resolved and what happens if someone leaves. If your prospective partner gets overly aggressive about the terms of your agreement (or won’t even discuss one), that’s a bad sign.
Take your time picking your business partner. It’s better to delay the launch of your business than end up in a bad situation. Working with an Allison Park attorney can also help you carve a secure path forward once you’re ready.