Selecting the right partner

Your business is something you gave birth to and will have to nurture to help it grow and survive. You want a partner that will approach your business with the same level of enthusiasm, passion and commitment that you have, but who also shares the same business philosophies.

Just like a marriage that starts off all hearts and roses, a partnership can quickly turn into anger, lawsuits, bankruptcy and much more.

It is wise to approach finding a business partner as seriously as you would for a life partner. Taking into accounts all the points mentioned below, study them carefully Because once you become partners, it is vastly more difficult to undo the partnership than it is to create it.

Follow the below 6 points to avoid a bad partnership.

1. Trust.

This is first and the most important. If you do not trust your potential partner with your bank account, then think twice about this partner.

2. Friendship.

As in friendship, you don’t create friendship with anyone you meet. Make sure that their goals, values, and responsibilities are aligned to yours. Take a look at their personal life and how it is stable. Personal problems are difficult and can complicate the business.

3. Diversified strengths.

Make sure you and your partner’s strengths are in different areas. It is much better to bring someone in who will compliment your strengths and add value.

4. Clear and Balanced responsibilities.

You need to agree up front what your partner responsibilities are in the company and stick to them.

5. Money & Money.

Money is always one of the big problems in partnership. Therefore, agree in advance, in written form on how you will use the funding you raise and how the profits will be distributed.

6. Exit contracts & planning.

Why is this important? Because any business can be hardly damaged by a bad partnership. Starting a business and/or a partnership is an emotional experience. Set your emotions aside and make sure everything lines up, discussing & documenting all possibilities in case of partnership needs to be dissolved and how they will be handled before they become a reality.

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