How to pick a Business Partner

 

Many people today think it truly is a foul concept to enter business by using a partner since you need to split the ownership and income. Nonetheless, acquiring a business associate can actually increase your gains and over-all business accomplishment. A lot of from the most successful providers had been based upon a partnership: Ben Cohen and Jerry Greenfield- Ben & Jerry's ice-cream, Larry Page and Sergey Brin- Google, Jerry Yang and David Filo- Yahoo, Dr. Katie Rodan and Dr. Kathy Fields- Proactiv Solutions. Obtaining a business lover can substantially increase the in general achievements of your business, mainly because a companion can offer their own connections, expertise, and skills the business needs in becoming prosperous.
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Look for a partner who shares your passion, vision and excitement: You want to decide on a spouse who shares your vision, believes in what you are trying to accomplish, and is as excited about the strategy as you are. You may have to understand this is the person you will be spending and living a lot time together with. In developing the business you and your lover are bound to face several stressful challenges as well as successes. You need a lover that is tolerant as well as positive during both the good and the poor times, and will not leave when things become challenging, but will rather stand up to the challenge and be in it for the long haul. Therefore, allowing the business to grow by achieving the short-term and long-term goals on the business.

 

Choose a husband or wife that is complementary: It may be tempting to select someone who is just like you, but this will not make a business successful, as you want someone who can bring different skills, experience and know how. No person is a master of all things, if you are skilled in finances you may want to select a associate who is skilled in sales and marketing. The combining of different skills allows for greater innovation, more ideas, better planning and a greater chance that your business will be successful. As the popular saying states: "Two minds are greater than one."

 

Find a Spouse who shares your values and practices good business ethics: You only want to go into business with someone you can trust, someone who values honestly and full disclosure. Choosing an unethical and dishonest business lover will destroy the business. You need someone who will respect the businesses ideas, its assets and the laws of business, as you do not want to get into trouble. It is wise to conduct a thorough investigation in the husband or wife you are considering, look into their previous business history, check their references and do a background check, which can include a police clearance, this will show if they have any previous criminal violations.

 

Find a husband or wife that can offer the business resources: Financial resources is only one of the resources a husband or wife can offer, there are numerous other valuable resources a spouse can offer which can greatly improve the chances for business achievement, for example:

 

• Connections within the business industry such as vendors, distributors, recruiters, investors or suppliers.
• A strong client list that can lead to potential sales from business owners, specialists, or media contacts.
• Credentials and business expertise.

 

Define and allocate responsibilities: In creating a partnership it is important to assign roles and responsibilities for each spouse, whether that is VP of engineering, marketing and sales or operations. It is best you do what you know best, and let the partners do what they know best, give each associate the freedom to improvise, as they will perform better when you respect them for knowing what works and what doesn't.

 

Write a legal partnership Agreement: In choosing a companion you will need a legal agreement, stating the responsibilities, the financial obligations, how expenses and revenue are distributed, what are the terms and conditions in the event the spouse decides to leave the partnership, and how will the issues of breach of contract or disputes be resolved. There are numerous partnership agreements online that are free to view and some can be downloaded for free. However, each partnership is different, and it is recommended in forming a partnership you hire an attorney, who will customize the agreement to the specifications with the business and its partnership.

 

Look for a spouse that does not come with baggage: A husband or wife, who is consistent, will be able to devote tremendous amounts of energy and commitment to the business. You can not afford to have a lover who has a lot of personal issues or problems, as this will interfere with the ability for the business to grow. Constant excuses, for example I can't make it mainly because....are not acceptable when the results of a business depends on each spouse giving 100%.



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