How to pick a Business Partner

Many people consider it can be a bad idea to enter business which has a companion as you have to split the ownership and revenue. Nevertheless, getting a business spouse can actually increase your income and in general business results. Quite a few with the most successful businesses had been dependant on a partnership: Ben Cohen and Jerry Greenfield- Ben & Jerry’s ice-cream, Larry Page and Sergey Brin- Google, Jerry Yang and David Filo- Yahoo, Dr. Katie Rodan and Dr. Kathy Fields- Proactiv Solutions. Obtaining a business spouse can substantially raise the total success of your business, simply because a partner can offer their own connections, expertise, and skills the business needs in becoming prosperous.
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Look for a partner who shares your passion, vision and excitement: You want to settle on a lover who shares your vision, believes in what you are trying to accomplish, and is as excited about the plan as you are. You have got to understand this is the person you will be spending and living a lot time together with. In developing the business you and your companion are bound to face numerous stressful challenges as well as successes. You need a spouse that is tolerant as well as positive during both the good and the terrible times, and will not leave when things become challenging, but will rather stand up to the challenge and be in it for the long haul. Therefore, allowing the business to grow by achieving the short-term and long-term goals in the business.

Pick a partner that is complementary: It may be tempting to pick someone who is just like you, but this will not make a business successful, as you want someone who can bring different skills, experience and know how. No person is a master of all things, if you are skilled in finances you may want to settle on a spouse who is skilled in sales and marketing. The combining of different skills allows for greater innovation, more ideas, better planning and a greater chance that your business will be thriving. As the popular saying states: “Two minds are greater than one.”

Find a Partner who shares your values and practices good business ethics: You only want to go into business with someone you can trust, someone who values honestly and full disclosure. Choosing an unethical and dishonest business lover will destroy the business. You need someone who will respect the businesses ideas, its assets and the laws of business, as you do not want to get into trouble. It is wise to conduct a thorough investigation on the husband or wife you are considering, look into their previous business history, check their references and do a background check, which can include a police clearance, this will show if they have any previous criminal violations.

Find a husband or wife that can offer the business resources: Financial resources is only one on the resources a spouse can offer, there are quite a few other valuable resources a companion can offer which can greatly improve the chances for business accomplishment, for example:

• Connections within the business industry such as vendors, distributors, recruiters, investors or suppliers.
• A strong client list that can lead to potential sales from business owners, specialists, or media contacts.
• Credentials and business expertise.

Define and allocate responsibilities: In creating a partnership it is important to assign roles and responsibilities for each companion, whether that is VP of engineering, marketing and sales or operations. It is best you do what you know best, and let the partners do what they know best, give each partner the freedom to improvise, as they will perform better when you respect them for knowing what works and what doesn’t.

Write a legal partnership Agreement: In choosing a lover you will need a legal agreement, stating the responsibilities, the financial obligations, how expenses and revenue are distributed, what are the terms and conditions in the event the partner decides to leave the partnership, and how will the issues of breach of contract or disputes be resolved. There are quite a few partnership agreements online that are free to view and some can be downloaded for free. Nevertheless, each partnership is different, and it is recommended in forming a partnership you hire an attorney, who will customize the agreement to the specifications of the business and its partnership.

Look for a associate that does not come with baggage: A partner, who is consistent, will be able to devote tremendous amounts of energy and commitment to the business. You can not afford to have a husband or wife who has a lot of personal issues or problems, as this will interfere with the ability for the business to grow. Constant excuses, for example I can’t make it due to the fact….are not acceptable when the accomplishment of a business depends on each associate giving 100%.

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