You’ve taken your company so far on your own, but now it’s time to expand. To do this, you’re going to need a little help. You’re looking for a new business partner and are not quite sure where to start.
What qualities should you look out for in a potential business partner?
An impressive track record
There are numerous aspects to consider in your search for a new business partner, and experience is one of the most important. If your prospective partner has no previous experience, you could be taking a gamble.
On the other hand, if the person you are looking at has an extensive track record of boosting the profitability of companies, they could be the right individual for you. While experience is just one of many factors to consider, it is certainly important.
A shared passion
Your new business partner needs to bring something to the table. Experience is one factor, but what about passion, drive, and work ethic?
Do your potential business partners genuinely believe in your company or are they just telling you what they think you want to hear? Are they prepared to work hard?
Integrity and trustworthiness
Finally, it goes without saying, you need a partner that you can trust. By essentially being your equal, they’ll be taking on a lot of responsibility in terms of money, staff, and clients. Your business partner doesn’t need to be your friend but they do need to be someone that you can trust.
Partnership disputes can be damaging to companies, and the best way to prevent these is to recruit carefully. If you are caught up in any kind of disagreement, make sure you are fully aware of your legal rights.