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3 things to discuss with potential business partners

On Behalf of | Aug 18, 2023 | Business Formation & Planning |

Are you thinking about adding a partner to your Florida business? It can be daunting, especially for those accustomed to running their company alone.

On the other hand, having a partner could improve your business and help you meet the challenges of a growing company. Finding someone who can bring value to your operations can be challenging, but talking candidly with your prospects may help you zero in on the ideal choice.

1. Skills and experience

In your conversations with potential partners, it is a good idea to delve into their business or work background and the skills they can offer. A candidate with some experience in your industry may be a safe bet.

At the same time, don’t overlook the possibility that a different background and a new skillset could benefit your company.

2. Personal matters

Off-the-clock topics are tough to navigate, especially if you have only recently met each other. Still, knowing how a partner will balance work with personal matters may prevent disagreements that could lead to disputes.

Tread lightly in these discussions toward the goal of learning whether your work ethics and company commitment will complement one another.

3. The future

The future is one thing business owners sometimes overlook when speaking with potential partners. What are your long-term business goals, and what are those of your candidates? Do they mesh, or are they completely disparate? Topics like these may help you find a partner willing and able to go the distance with your business.

Even with proper due diligence, there remains a chance that you and your new partner will have a dispute serious enough to result in litigation. Before signing a partnership agreement, have someone with legal knowledge help you create provisions that protect your business interests.


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