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Identifying a good business partner

On Behalf of | Jun 18, 2017 | Business Formation & Planning

Florida entrepreneurs looking to start a new venture may not always want to go it alone. A business partner can bring a lot to the table but it does not always require that a business to be structured as an official partnership. Even if a new company is ultimately created as a limited liability company or a corporation, there may be an interest in having a partner to get things off the ground.

When searching for a business partner, Business News Daily suggests that a person’s existing professional network be tapped into as this may bring many potential candidates to the table. One thing people should watch out for is the tempation to find someone just like themselves. It is actually better to find a partner with different strengths, talents and experience so that together you may actually complement each other. This may boost the company’s chance of success.

Inc. magazine adds that another place to find a partner is among people that one has already worked with. This gives entrepreneurs essentially the advantage of having tested out some form of a working relationship and also of understanding the other person’s strengths and weaknesses.

During discussions, potential partners should be very transparent about their reasons for wanting to start the particular company. There is no right or wrong reason but if two people starting a business together have different goals, trouble could ensue down the road. Expectations must be set and should even be documented as should the roles and responsibilities of each person.