What Qualities to look for in a Business Partner

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Information about What Qualities to look for in a Business Partner
Business & Mgmt

Published on February 21, 2014

Author: RichardThompson.lgx

Source: slideshare.net

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When you are looking for a business partner, it is important that you set your expectations properly.

What Qualities to look for in a Business Partner When you are looking for a business partner, it is important that you set your expectations properly. Starting with the right vision in mind, it is important that you are judicial throughout this entire process. Not only does your livelihood depend on your business partner, but stress levels and your quality of life will also hang on the business partner that you end up deciding on. Don’t be afraid to take your time and be very careful as you are choosing. By preventing rushing into this, you can avoid a lot of problems that could potentially occur in the future. Setting Your Expectations First, you should identify what you are looking for in a business partner. Take time to sit down and quantify exactly what you want in a business partner. You should be sure that you understand what you are going to bring to the table and what your business partner will need to bring to the table. If you are extremely creative, you will want to find someone that is analytical. If you are great at running numbers but not great at interacting with people, find someone that loves talking to people and has the gift of gab. You want to find a business partner that complements your strengths and will help your partnership become more holistic. Asking the Hard Questions When you are looking into different business partners, it is important that you ask personal questions. You should be wise about the way that you are going to ask these questions. Getting your own criminal background check software can be a great way to find out all of the information that you need to find out. When you can run a background check on your own criminal background check software, you can ensure that your potential business partner did not commit crimes that are going to affect the future of your business. You will also want to run a credit check. Working with a business partner that is in a stable financial position is a great way to avoid problems in your partnership. You want to work with someone that is not going to be tempted to steal money from the company or ask you if he or she can borrow money from the company. Although these can be awkward or difficult questions to ask, it is extremely important that you ask these questions ahead of time.

Make it Legal When you are working with a business partner, you want to make sure that all of your partnership is documented in a legal manner. Having a legally binding contract will ensure that you are going to be able to go back to the contract if there are ever any problems. You want to make sure that you have all stipulations and expectations laid out in your contract. By doing this, you and your partner can feel safe in the partnership. Make your partnership legal as soon as it is official to ensure that there are never any questions about who owns what and how the structure of the company is going to work. Photo Credit: SalFalko, Peter Hayes

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