Choosing the Right Business Partner

Naperville business law attorneyWhen you have an idea for a new business, there are a couple of ways that you could go about putting your idea into action. You could begin your new venture completely on your own—which would mean assuming virtually of the risks and responsibilities. Alternatively, you could decide to work with a business partner. You may already have a potential partner in mind, or you might need to do a little legwork to find the right person.

As a business law attorney and a business owner, I recognize the importance of choosing a partner who can help promote the success of your company. Before you enter into a formal business partnership with another individual, experts recommend making sure that the two of you can work well together.

Do You Really Need a Partner?

It is fine for you to want a particular person to be a part of your company, but why a partner? Could you get the same benefit by hiring that person as an employee or a contracted consultant without risking a stake in your business? If after doing your due diligence, you believe that the person would make a good addition to your company as a partner, then move forward together. If you have reservations, consider keeping him or her as hired help.

Shared Values and Vision

Running a business with a partner is similar to a marriage in many ways. Both require two people pulling in the same direction in an effort to achieve shared goals. This means that anyone you choose to partner with should have values similar to yours, or you will likely be at odds throughout your partnership. For example, if your vision for your company is a small to medium-sized business that emphasizes on customer retention over many years, but your partner wants to maximize revenues and sell the business for a large profit as soon as possible, you may want to reconsider your partnership.

Complementary Skills

While is it very important for you and your partner to have similar opinions regarding your goals and expectations for your company, it is equally important for you to have different and complementary abilities. If both of you, for example, are strong leaders who work well with people but neither of you is disciplined with spending, problems could arise quickly. You will need to determine which of you is best in specific areas and then divide your responsibilities accordingly. Your roles may change over time, but experts recommend always playing to your strengths.

Find Someone You Can Trust

You and your business partner will likely spend a great deal of time together—often discussing things involving conflicts of some type. It is important to be sure that your partner is someone you can depend on when things get difficult. You need to know that your partner will not simply quit on you if and when problems arise. If you have doubts about a particular person, you may consider a short-term trial run. If the doubts persist, you might want to go another direction.

Contact Us for Help

If you would like to learn more about choosing a suitable business partner, contact an experienced Naperville  business law attorney. Call 630-756-1160 for a confidential consultation at The Gierach Law Firm today. We will help you explore your options and make the best decisions for yourself and your company.

 

Sources:

Entrepreneur

Inc.com