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Selecting Your Business Partner

business partner picIf you are thinking about starting a business and are deciding to work with a partner, make sure you choose the right person. Below are a few considerations:

  • Starting a new business requires a significant investment of your time and money. Your partner should be willing and able to put in the same effort as you. If there is an imbalance between what each partner invests in the business, it could lead to resentment and fighting.
  • Co-founders of a business must have a good working relationship. This doesn’t necessarily mean you must be close friends, but your personalities should complement each other. It is important to find a balance between your skills, knowledge and whatever else will be contributed to the entity.
  • It is imperative that you trust your business partner. You want to find somebody with integrity and that will do what they say they are going to do. You are going to face numerous obstacles along the way and you have to trust that your partner will be there when it counts. Remember, a person’s values are what typically drive their actions. So take note of how your potential partner handles his or her personal life because it is a great indicator of how his or her business life will be managed.
  • Is your business partner willing to make the necessary sacrifices to make the business a success? You want your co-founder to be as dedicated as you are to the start-up. This could mean making very little salary for awhile, working long hours, or even investing personal funds to keep the business afloat.
  • It can actually be beneficial if you and your business partner have differences, particularly if you have different strengths and weaknesses. By bringing something different to the table, each partner can help transition your startup into a real company

Contact us today to schedule your initial consultation. The attorneys at The Swenson Law Firm provide a variety of business law services to entities of all sizes.

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