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How to choose the right partner for your new business

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Some people opt to start a business alone, while others seek a partner to take the journey with them. While there is no right or wrong approach, you must be familiar with the pros and cons of each option.

If you decide that a partnership is the way to go, there’s an important question to answer: Who will make for the perfect partner?

There’s no exact science to choosing a business partner, but here are some steps you can take to ease your mind:

Find a partner with complementary skills and experience: This allows you to cover all your bases as your business gets up and running. If you both have the same skill set, you may have to make immediate hires to fill the gaps.

Talk about values and goals: If you have one set of values and goals and your business partner has another, you’re likely to clash sooner rather than later. By discussing this up front, you can ensure that you’re on the same page.

Select a partner who is financially stable: Financial instability can cause a person to make rash decisions, such as leaving the company if they don’t immediately begin to make money.

Choose a partner with a strong work ethic: If you’re always working hard and your partner is always slacking off, it won’t be long before you run into trouble. A strong work ethic is one of the most important traits to look for in a business partner.

Take a trial run: Rather than jump right into a business partnership, take a trial run to better understand how the two of you work together. If things go as planned, you may be ready to formalize your partnership agreement. And if they don’t, you can split without any headaches.

It will take some time to choose the right partner for your business, but it’s better than making a rash decision that costs you time and money.

Once you find the right business partner, sit down together to hash out the terms and conditions of your partnership. Furthermore, take the necessary steps in making your partnership legal.

Visit our website and read our blog for additional information pertaining to all aspects of business law in Illinois.

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