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Does your business partner bring enough to the table? 

On Behalf of | May 26, 2022 | Business Law |

You’ve created, financed and organized your company on your own. So far, the business has been a great success and is continuing to grow. In fact, the growth is so exponential that you’re considering enlisting some help. 

You’re searching for a new business partner but are not quite sure what attributes to look out for. Here are some tips that may help to ensure that your new business partner brings enough to the table. 

Do they complement your skills?

Both you and your current staff have different skills and attributes. Your leadership skills help to bring out the best in everyone else. Is there something that your company is missing? Do you need a fresh look at customer service or investment opportunities?

When recruiting a new business partner, make sure that they are either going to shore up the things that your company does well or add a fresh perspective that will bring further success. 

Do you trust them? 

You have someone in mind and you trust them to a certain extent. However, they do have a reputation as a bit of a maverick. Could this place your company in jeopardy? Perhaps this person is a friend to whom you are keen to give the opportunity?

Friends can make good business partners, but you also need to think objectively and consider whether they really fit into the current dynamic.

Protecting your legal rights 

It may be tempting to bring someone into the business in an informal manner. Nonetheless, with business matters, it is better for all parties to shore up their rights with legally binding agreements. If you need some assistance with this or are currently involved in some kind of business dispute, you might want to reach out to someone with knowledge in this area.