Getting a business partner can be a blessing or a curse
Before you decide to get a business partner, ask yourself if you really need one. Starting a business comes with complicated formalities, taxes, accounts and finances. Having a partner can alleviate some of these burdens. Mutual trust is essential in any business partnership, so find someone who is responsible and trustworthy. Choosing a family member or close friend is often the obvious choice. Even though they might make it easier to raise capital, they can’t always bring the necessary skills to the table.
Before you get into business with your partner you should work together on small projects, so you can give your partnership a test run. If you make a great team, you can start talking about your common visions for the business. Partnering up with a family member can be beneficial in some cases, especially when you share common values that drive the success of the company. Whether you’re related to your business partner or not, you should always have the same end goal in mind. The direction of the company should be very clear from the beginning.
There are many criteria for a good business partner, but one of the most important ones is finding someone who complements your skills. Business partners tend to be more successful when they have different strengths that benefit the company. Lastly, to find the right business partner, make sure you know your partner’s financial situation. Discussing finances early on will save you from a lot of trouble.
Here is what members of the Entrepreneurs’ Organization (EO) have to say about finding the right business partner.
Finding the right business partner is only the first step of building a successful business partnership. An Operating Agreement allows you to protect yourself and your business. Learn more about our firm’s 4-step process at http://speralaw.com/louisiana-operating-agreement