A great partnership can make a good business even better. When you choose a business partner who compliments your skills and brings something to the table that you can't, you make your business more likely to succeed. However, a bad business partner can do irreparable damage to your business. Before entering into a business partnership with anyone, it is important that you evaluate her worthiness as a business partner. Only by seriously considering her strengths and weaknesses can you really decide whether someone would make a good partner.
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Difficulty:
Moderately Easy
Instructions
1
Evaluate your potential partners completely objectively. Ignore all friendships and other relationships, while focusing solely on their suitability as a business partner. Judge potential business partners by how well they meet the criteria you have determined and nothing else.
2
Determine the areas of your business that are weak. Choose a business partner who compliments your skills, not someone who has the same skills as you. Consider your own personal weaknesses; if you aren't good at selling, look for a business partner who specializes in sales. This will help make up for any weak areas in your business.
3
Ensure that your potential business partners intend to share in the financial commitment to the business. Never form a partnership with someone who does not have an equal stake in the performance of the business. Remember, your partner must be as driven to succeed as you are, and with no financial commitment potential partners may end up lacking motivation.
4
Determine if your potential partners share your sense of values. Remember that values factor into every part of a business from determining the customer base to deciding how to manage employees. If your partner does not share your sense of values then you are setting yourself up for conflict in the future.
5
Perform background checks on all potential business partners. Check on their criminal record as well as their business history. Ask for references from past business partners if they can provide them; you don't want to end up selecting a business partner who has stolen from previous partners, for example.
6
Take as much time as you need to evaluate potential business partners; it is better to wait to take on the right partner than to rush and take on the wrong partner. Note that one interview --- or even several --- will not provide you enough information to determine a person's suitability as a business partner. Remember that it might take months of discussion before you decide someone would make a good business partner.
Tips & Warnings
Make sure everything you decide is in writing once you select a business partner.
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