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Photo of attorneys E. Kelly Conway, Michael E. Gehring and Stephen G. Harvey

What to look for in the right business partner

On Behalf of | Jan 19, 2024 | Business Disputes

If you’re starting a business with a partner, choosing the correct partner is probably the most important decision you can make. It can make your business stronger, help you avoid disputes and be a precursor to future success.

Conversely, finding the wrong business partner could mean that your business is essentially doomed before it even begins. The relationship will eventually fall apart and it may mean that the business has to close. So what should you look for to find the right person?

Compatibility with different skills

First of all, you need someone that you’re compatible with. The two of you should be able to get along. You also want someone who has complementary skills and isn’t too similar to you. So there is a balance to strike here. The person should be similar enough to work with you easily, but different enough to bring on new skills and abilities. 

Dedication and reliability 

Next, you need someone who is dedicated and reliable. You need to be able to count on them and know that they’re going to put in the same amount of effort as you. Many business partner disputes start because there is a discrepancy in the amount of effort being exhibited by the business partners – even though their earnings are the same.

Focus on resolving conflicts 

Finally, it’s inevitable that you and your partner are going to have at least minor conflicts and disputes. As such, it’s helpful to find someone who is focused on resolving these conflicts, rather than someone who always wants to get their way or who doesn’t know how to admit that they are wrong. If the two of you are focused on working together and smoothing over disputes, the business will have more success.

Once you and your business partner have decided to start your company, be sure you know about all of the proper legal steps to take to establish the business entity, create a partnership agreement and much more.