Your company is expanding, and you’re seeking ways to keep up with this. You decide to enlist the help of a new business partner.
A business partner can bring on board more experience, further investment and other benefits, but they have to be the right person. Enlisting someone who is not compatible with you or the company could actually set you back significantly.
Outlined below are some crucial factors to consider when seeking a new business partner.
Are they in it for the long haul?
Although you’ve been successful, it hasn’t always been plain sailing. You expect to grow in the future, but you’re also experienced enough to know that there will inevitably be some bumps in the road. Is this something that your new business partner is going to be able to handle, or are they going to run at the first sign of trouble?
Do they share your vision?
There are always going to be at least subtle differences between individuals, but it’s important that everyone within your company shares its ethos and long-term goals. Is your new business partner just in it for the paycheck, or do they truly believe in what you are doing?
Do they take things personally?
It’s very unlikely that you and your business partner are going to agree on everything. What’s important is that you’re able to separate business and your personal lives. Can they admit when they are wrong and let grudges go?
Before making changes to the structure of your company, it’s important to seek some legal guidance. This can help ensure that you do this correctly and protect your interests.