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Selecting a business partner

On Behalf of | Mar 23, 2017 | Business Formation & Planning

Many Florida entrepreneurs find it beneficial to partner with others when launching new ventures. Such partnerships may also be valuable when merging existing companies into one new entity. But, before rushing into a business partnership, people should take caution to evaluate the situation and ensure it is the right one. A partnership in business is much like that in a personal relationship and making the wrong choice can be emotionally and financially draining down the road.

Entrepreneur magazine suggests that personal trust be at the core of any business partnership choice. Partners must work exceptionally closely together, making it essential that they have a high level of trust for each other. Mistrust can breed many negative things which could lead an otherwise viable business down a dark path. Working together before opting to become official business partners may offer a good way to develop or evaluate this level of trust.

Inc. magazine adds that people seek partners who have similar goals to themselves. This will help direct decision making for the business and keep the vision in a common direction. This level of alignment can complement the trust partners should have.

Equally important to the above is finding a partner with skills, knowledge or even contacts that add to a person’s existing set of assets. Each person should bring a unique set of attributes and strengths to the table. This is in part because no person is truly an expert at everything making a partnership a great way to round out the expertise needed to be successful.