You started your business on your own and have taken it to the next level. Now, it’s time to start thinking about bringing new talent into the fold.
You’re on the hunt for a new business partner who can add an extra layer to the company. What sort of things should you be looking out for? What makes a good business partner?
Their track record
Ideally, you want to enlist someone with glowing references. You can establish this during the interview process. Why are they currently looking for a move? What made them leave their last company? Have you heard of this person before? You want to find someone who is going to be easy to work with rather than someone who is in the habit of burning bridges.
What do they bring to the table?
For your company to get to the next level, you want diverse skills among management. Does your potential business partner bring a fresh approach to the business? Are they going to come up with innovative ideas? You don’t want to create a clash among managers or bring in someone who is merely there to make up the numbers.
Shore things up with a contract
Perhaps you trust your potential new business partner deeply? Maybe you’ve worked with them before a few years ago? Nevertheless, you should remember to separate business matters from any personal feelings that are present. Informality can lead to problems if something ever goes wrong. It is in the best interests of your company, and the new business partner, to shore things up with legally binding agreements.
Bringing in a new business partner is a big step that requires careful consideration. If you’re caught up in any type of dispute and confused about your next step, make sure you have looked into all of your legal options.