Byron Carlson Petri & Kalb, LLC | attorneys at law

What to look for in a business partner

On Behalf of | May 9, 2023 | Business & Commercial Law

If you’re looking to start a business with a partner, one of the most important decisions you can make is the partner you choose. You’ll need to have the right person at your side to give your business the best chance of success. You’ll also want to avoid mistakes that could have a detrimental impact on that business – and choosing the wrong partner can certainly be such a mistake.

What should you look for? Some of your decision-making factors will depend on the nature of the unique situation that you’re in and what your business is going to look like, but there are some common things that you’ll want to keep in mind.

Skills that complement your own

Start by looking for someone who isn’t too much like yourself. You should be able to get along, of course, but you want to have complementary skills. When you have different skill sets, you can do more for the benefit of your company as business partners than if you’re good at the same things and lack proficiency in the same areas.

Shared focus and vision

Additionally, you’ll need to find someone who agrees with your vision for what the company should be and what it can become. This way, you’re at least both working toward the same goal. Even if you’re doing different jobs or you have different roles, you won’t be working against one another.

Someone who is just as dedicated as you

Finally, you need a person who is dedicated to working for the success of the business. You don’t want to find yourself in a position where you’re doing 90% of the work and only getting 50% of the profits unless you’re walking into that kind of financial arrangement with a largely silent partner with your eyes wide open. You’ll (otherwise) need to know that they share your drive and that they’re willing to take up an even amount of responsibility.

Setting up your business

Simply choosing a business partner is the first step, but you’ll also need to know how to create a partnership agreement and other types of documentation to officially set your business up. Be sure to seek legal guidance and to carefully look into all the necessary legal steps that you’ll have to take at this time. With the right partner and the right agreement in place, you give your business the best possible chance to experience future success.