Taking the time to find the right business partner can make a big difference. If you have a business partner who does not have a great deal of capital in the business, a partner that might not be as invested, or a partner who is still looking for other opportunities, then it may be harder to keep the partnership together. Partners often look for what is going to benefit them the most, which means they are going to go where the greatest perceived opportunity is.
Choosing a partner
There are a few things to keep in mind when you are seeking a partner. First, while you may want to partner with a relative or a friend, you should also consider people who have similar goals as you. Second, it is also important to consider those who are willing to put in the work necessary to make a partnership successful.
Know what to expect
Roles for each partner should be clearly defined so that each partner understands what to expect from one another. It is far more difficult to disappoint someone or have a partnership go south if all partners are aware of what is expected of them. Partnerships can work if you take the time to establish boundaries, goals, and clear roles for each partner.
Have an exit plan
Partners should also plan an exit strategy in the event that one partner is not able to hold up their end of the partnership or if they simply do not want to be part of the partnership anymore.
Knowledgeable business attorneys can assist you in drafting important corporate documents to establish the partnership. Moreover, in the event that the partnership must be dissolved, a qualified business attorney will be vital in in the winding down and dissolution of a partnership.