Points To Consider When Choosing A Business Partner
Bad patnership have had adverse effects in so many big businesses. It could eventually lead to separation and business crash. So it is important as entrepreneurs, to give attention to the kind of persons we make our business partner. A business partner could either break or make you - make the business boom or make it crash.
Source: Lynda
One reason many businesses usually crash is that the partnership is between friends and family members that do not have similar goals. It is not bad to make a friend or family member your business partner, my brother and I have a business we run together. But the thing is, do you have similar interests or goals? Before selecting a business partner, more attention should be given to the person's lifestyle. You could be friends with such an individual, but you should try to find if he/she is a supporter - someone that would help you during bad times.
Source
Another thing to consider is trust. Do you trust the person? Earlier this year, a friend of mine who has a spare parts shop wanted me to partner with him. His business was booming so he wanted more funds to be invested in it, but the thing is I have been observing him for months. He is someone who loves money so much, so I decided to test him.
I told him I would consider his proposal, he then said he needed some money urgently for a deal and that he would pay me back with interests. I gave him the money, when it was time to pay back he actually did. But he did not add the interests he promised, that taught me something about him. That he was someone that is not ready to share profits. So I decided I'm not going to partner with him.
Source: MediaShower
You could also consider getting consultants. It is not everyone you want to share your profits with, so hiring consultants will save costs. This way, you do not have anyone that owns part of your established business.
Source: CreativeLive
Your business partner is like your marriage partner, you both should complement each other. Just as a wife should assist the husband in what he is not good at, a business partner should complement the other. So it would be unwise to have a business partner that have the same weakness as you do. If you are good at making sales, the other partner could be better in management or even keeping records.
Thanks for reading. Do you have any additions? :)
Nice write up.What about business partnership with spouse( like joint business?). Some thrive, while some decisions are one sided , just from the domineering man who runs it like running his homefront. In all, i think studying the person will help like you suggested.To me, better to go solo than to be frustrated and unhappy in the partnership. @adore-eu
Joint business with spouse have their own issues o. I was reading a newspaper the other day about a woman that borrowed money from their family business that is refusing to pay back. She might even reason that no need to pay back, but things like that affects business. I agree with your last sentence, thanks for reading.
My business oriented friend,weldone bro keep giving us the best.
Thanks bro :)
Outstanding post and narrative. Thank you for sharing!
Thank you @barca for reading.
A marriage partnership scenario is quite different from a business partnership.
Yeah, but in a sense they are similar. Couples complement each other, business partners complement each other too.