Choosing the right partner can be a difficult task and requires a lot of thought. Making a wrong decision here can lead to disaster in the future. Whether you are just starting out or have been out there for a while and no longer want to do it alone, here are some tips to help you find your other half. We’re talking about business partners here by the way; you’re on your own if you’re looking for romance.
- Test it out- The easiest way to test compatibility is to just do a trial run. Spend a little time working together and see how the other thinks and operates. This way, if there are any blood-red flags, you can call it quits before anything gets set in stone.
- Create a partnership agreement– Once your trial period is over and you want to upgrade to the full package, have a lawyer write up a partnership agreement that suits both of you. Include exit strategies for each partner so that if somebody has to move on, they don’t kill the business by trying to leave.
- Play to your strengths- Divide the different aspects of the business to suit each partner’s particular strengths so you can get the most out of each other.
- Be best friends- Okay, you don’t have to be best friends, but you and your business partner should share some off the clock time to build relationships outside the work environment. Being friendly off the job will enhance productivity and happiness on the job.
- Plan for disagreements- Even if you do become best friends, best friends fight sometimes. Disagreements are going to happen eventually, so it’s better to come up with a plan for how a decision will be made before a disagreement does come around. Keep in mind that you are still partners, and doing something without working it out with a partner will be bad. They may sue you for violation of the partnership agreement.
Overall, it’s just good business to plan ahead for everything. No matter who you go into business with, things come up and people don’t always agree, but don’t let it kill the business. Try to have a healthy friendship outside of work as well so that it’s much easier to try to work out conflicts at work rather than take the exit… but definitely have an exit strategy in mind.
Garland & Mason, L.L.C. – Business Litigation Attorneys