The right person for a business partnership will differ for every entrepreneur. Some investors will prefer a passive partner, while others will prefer taking on a more active role. Some may want a seasoned executive who brings time-tested ideas to the table, while others may prefer a newbie who is eager to learn the ropes.
Forming an ideal business partnership will depend on your management style, personality, goals, and vision for the future. You’ll want someone who shares your values, challenges you to grow, and ultimately, someone who will boost the business’ bottom line.
Expectations you should have from a Business Partnership
The most important thing to see in an ideal business partner is if he/she is very strong in some core aspects-you are not, or at least, can have something important, so you don’t have to have it. In addition, when things are difficult, it is good to make sure he/she would bear the “weight”.
They need to answer this question. If there is no (ABCD), I can’t do business because they bring (EFGH key resources) to the business.
They need to bring one of these:
- Fill a role in the company that is critical for its success
- Expertise
- Experience
- Capital
- Time
Nevertheless, you should clearly define your personal role so that each of you can maximize your strengths and share the workload equally. As mentioned elsewhere, a good way to do this is in a cooperation agreement.
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By defining roles, you will not constantly step on each other or repeat work, and you will have a basis for expectations of your partners.
Do You Really Need Partner?
Do you really, really need to collaborate with this individual? Just in case you are not quite sure about this by any means, it would be recommended to prompt against partnering. Business visionaries need to settle on fast choices and organizations moderate that down enormously.
It’s a relationship that requires a long time to construct (regardless of whether you have referred to them for quite a long time as a companion). Most partnerships normally fail. There are many options in contrast to partnership that pay the both parties equally, yet secure you against the relationship dropping out. In the condition that you should accomplice up, get a legal advisor to compose your association arrangement. It’ll cost you a couple thousand, however, it’s nothing contrasted with the $100,000 you’d in any case spend on the separation, and it could even keep the organization together.
Hope this article helped. Good luck with your Business.
