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If
you think of your business as your child, you start to see just how
important finding the right business partner is. Compatibility, vision and
values are important measures when considering whether a partnership might
be successful. Finding a partner who compliments your strengths and
weaknesses and who shares your vision is no easy task. But it can make or
break your business.
Consider
why you want a business partner and whether you are ready for a partnership.
Do you need a certain skill set to enhance your business? Are you looking
for access to certain clients or networking opportunities? Are you prepared
for relinquishing some control of your business? What do you see this
business partner bringing to your company?
When
considering potential business partners, consider whether the candidate has
expertise in a specific field that you need or can benefit from. Look
carefully at what your strengths are and what someone else might be able to
help elevate your business. You may be excellent in motivating and managing
your team, but could use some help in marketing your business. Knowing what
exactly you want from a potential partner will help you pick the right one.
One
benefit to taking on a partner is the flexibility and the added support. We
have all heard about the difficulties of single parenting. A partner can
help lead the direction of the company and share the burden of so many
responsibilities. However, sharing the burden means sharing the power and
the benefits.
If
you are considering someone that you have a longstanding relationship with
or family ties, you may want to take a moment to consider whether the
partnership is worth risking the relationship/s. Avoid making partnerships
because of money. In this situation, the person with the money has
substantial leverage and power. This can lead to problems in the long run,
especially if you are not a good match
Be
sure to discuss your expectations and the aspects of the partnership before
signing any deals. Once you are ready to make a commitment, be sure to put
everything in writing. , Document the organizational structure and who is
responsible for what aspects of the business. Additionally, be sure to make
a buy-sell agreement to protect both parties if someone decides to sell his
or her shares, retires or dies.
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