5 Tips for Finding a Good Business Partner

Treat the process like dating.Bad Business Partner

Don’t jump in too quickly. You wouldn’t marry somebody after the first date, so don’t go into business with somebody you don’t know. (You probably don’t want to go into business with the guy in the picture.)

Work Networks

If you want a business partner, start looking. Tap into your current business networks, consider co-workers you enjoyed working with, or even tap into your old sorority or fraternity.

Look for someone who compliments you.

It is not necessary for you and your partner to agree on everything, but you should have similar values and goals. On the flip side, don’t partner with somebody who is just going to be a “yes-man.” You and your partner should challenge each other and come to compromises to create the best business possible.

Don’t just work: Play.

If you enjoy being around your business partner in social settings, then it will make the work environment much better. The ability to laugh can make miserable or complicated situations much easier to handle.

Go with your gut.

Trust your instincts. If you don’t feel right about the situation, then don’t go through with it. At the very least, you should talk to your potential business partner about any doubts or concerns you may have BEFORE you go into business together. Don’t rush into a partnership you’re not comfortable with because you don’t want to wait.

 

Once you have found a business partner, it is important to draft a contract detailing things such as how profits and losses will be distributed, who will have rights to intellectual property, what will happen if one of the partners leave, and more. You should consult with an attorney to draft this contract to ensure your assets are protected.

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