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What do I need in a good business partner?

On Behalf of | Mar 22, 2016 | Business Formation & Planning

If you are like other entrepreneurs looking to set up new businesses in Florida, you may be looking for other people to help develop your venture. You may even be considering a full partnership. If you believe that this operational model may be right for you and your new company, it is very important that you find the right partner. What are some of the qualities that can make someone a good partner?

Entrepreneur indicates that one of the first things to look for is someone who is different from you in several key areas. First, you should each bring to the table unique functional expertise. You may have expertise in finance so finding someone with marketing savvy may be wise. Your personalities should also complement each other. If you are always coming up with new ideas, a partner that is very adept on a tactical level would be a good choice.

It is also vital that you and a potential partner honestly evaluate your reasons for getting into a business and what you want to get out of it. If one person looks at the company as a fun adventure while it needs to provide a financial livelihood for the other, problems could develop down the road. A related component here is the support or distraction that a person’s family may provide along the way. This can identify how much time each person has or wants to spend on the business.

This information is not intended to provide legal advice but general information about how to approach a potential business partnership in Florida.