How do you find the right business partner?

On Behalf of | Jun 24, 2024 | BUSINESS & COMMERCIAL LAW - Business Formation & Planning

Business partnerships can be very beneficial and highly successful. You may never have started a quickly growing business on your own, but you and a partner may be able to do so together.

That said, partnership disputes do happen from time to time, and these can really derail the future of the business. One thing you can do to lower the odds of a dispute is to be very careful about who you choose as your business partner. Below are a few things to keep in mind.

A shared vision

First of all, the two of you need to discuss your vision for the future of the business. Ideally, you should have shared values and goals. You should want the same things for the company so that you’re always working with each other, rather than against each other.

A personality you can connect with 

You don’t have to be exactly like your business partner, but it does help to find someone you genuinely like. If the two of you can get along and enjoy spending time together, it makes it far easier to have the sometimes difficult discussions that are necessary when running a business. It also lowers the potential stress level you’ll feel since you’ll be working with this person on a daily basis.

Different skills

One area where it’s helpful for you and your business partner to be different is in the skills you bring to the company. If you’re both good at customer service but neither one of you is good at product design, for instance, your business may not be very successful overall. But if you find someone who has complementary skills to your own, the business has a greater chance of success – and you have lower odds of disputes.

That said, disputes are always possible, so be sure you know what legal steps to take.