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Seeking out the perfect business partner

If you have a plan for a new business, your head may be spinning with ideas to make your company a success. You may even hope to grow your business into a franchise or simply to expand in your area of California. Whatever your plans, you know you can't do it alone.

Whether you are looking for someone to share the load day by day, or you need someone to partner with you financially, it has to be the right person. Bringing someone on board who clashes with your personality or business philosophy could mean disaster before you even graduate from being a start-up.

The undefinable quality

Finding the right partner to join you in your vision will not be easy. You likely have certain criteria you are hoping to find, and being able to identify that in someone else may be a challenge. You may know someone who would be a lot of fun to work with, but if that person has no experience, you will likely find yourself carrying most of the burden. On the other hand, someone with a shrewd sense of business may intimidate customers or clients.

So, what are some important qualities a business partner should have? Naturally, he or she will share your dream and accept the mission you have in mind for your company. You can test this by sharing your goals for the business and hearing their reactions. If they embrace your ideas with enthusiasm and offer interesting alternatives, you may have candidates to consider.

Making a wise decision

There are some characteristics a good partner has, no matter which industry your business represents. Some business experts suggest you look for a partner with the following characteristics:

  • Willingness to make sacrifices for the success of the business
  • A network of valuable contacts
  • Experience with assessing and managing risks
  • Financial stability
  • Trustworthiness
  • Creativity

Being able to think outside the box may reveal your future partner's ability to make decisions for the company. Sometimes the solution to a problem is not readily evident, and your partner should have the capacity to see the big picture without compromising the integrity of your vision.

Of course, no matter how carefully you vet your partner, there are bound to be disagreements. As the company grows, there is always the chance that your plans and goals will begin to diverge from those of your partner. To protect yourself and your business, it is wise to establish a legally binding partnership agreement. Such an agreement can create a clear understanding between you and your partner right from the beginning, which may contribute to the longevity and success of your business.

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