Going into business with someone can be an exciting experience. You already have the perfect idea, but is your prospective business partner really the right one for you?
Here are some signs that you’ve found the right person to be your business partner:
1. You aren’t basing your decision on friendship
Sure, going into business with a friend can be great — but it can also be a big problem when you realize that the relaxed attitude that made them great to hang out with doesn’t make them a great partner (especially when there is a crisis).
2. You both are comfortable expressing contrasting opinions
Ideally, you and your business partner will be in sync most of the time. But be careful that you aren’t too alike in your perceptions and ideas. Partnerships work best when the people involved have complimentary skills and aren’t afraid to speak up when they disagree with someone.
3. You both have the same goals
If your primary reason for going into business is to make a positive difference in the world and your partner is just in it for the money, you’re going to eventually part ways. A good partnership only forms when the people involved have similar visions and goals for the future.
4. Your prospective partner isn’t buried in other obligations
If you’re devoting your days and nights to the business but this is a side-gig for your partner, that’s bound to cause problems. Similarly, you don’t want a partner who is mired in personal conflicts, including lawsuits and debts. Pick someone who has the same level of time and commitment you have for the business.
Once you find the right person to be your business partner, make sure that you take all the necessary steps to create a solid, workable agreement between you — and get it in writing. An attorney familiar with business law can help.