As you start a business, you know that you would like to work with a business partner. Maybe you are aware that you’re lacking certain skills, so you are looking for someone who can help in those areas. Maybe you just feel that you would work better as part of a small team.
At the same time, you want to avoid future business partner disputes. You know how common they are. You also want to find someone who will be effective and who will help you achieve the success you envision for your new company. Here are a few things to look for when choosing a partner.
Complementary skills
As noted above, it is often best for two business partners to have different skills, giving them a wider range of total abilities. If you seek someone who already has the same talents or can perform the same jobs that you do, is the company really better off?
Equal investment
This doesn’t just refer to financial investment, although it may be best for that to be equal, as well. But you need to find someone who is as invested emotionally and who will put in as much time as you do. Both of you need to be working together and putting in the same effort to reach your goals.
A similar vision
Finally, just think about what your vision is, considering the long-term goals of the company. Do you want it to be as profitable as possible? Do you want it to be known for making the best products? Are you more focused on your customers or community involvement? You and your business partner need to have similar goals or you could end up working against each other.
Drafting a partnership agreement
If you are starting a business with a partner, it’s very wise to have an official agreement in place even before you open your doors. Take the time to look into all of the necessary legal steps.