J. Kelly Kennedy, Attorney/CPA, PLLC

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In search of the perfect business partner

While you may have had a dream of owning your own company, you realize now that taking on a partner is in your best interests. Maybe this is because you are struggling, and you need someone who can boost your finances. On the other hand, your Florida business may be booming, and you are looking for someone to share the workload or bring some fresh ideas to the company.

The last thing you want is to partner with someone who is going to take your business in the wrong direction or create an unbearable situation. This is why you are searching for the perfect partner. Compatibility is what most people say is the number one quality your partner must have. However, in what areas is compatibility most important for you and your partner?

The qualities of a good partner

Naturally, you want someone who shares your goals for the business and who agrees with your strategies to achieve those goals. You may have several people in mind who may make suitable business partners, but the one whose eyes light up when you share your vision may be the one whose philosophy is most compatible with yours.

While being like-minded is essential, your business may also benefit from some creative thinking. Bringing a fresh outlook into the company can reignite your passion for what you do and perhaps attract new customers and promote growth.

Some other qualities you may find in the perfect partner include:

  • Connections within your industry
  • Experience in assessing, minimizing and handling hazards
  • Financial stability
  • Honesty

Above all, you may seek a partner whose passion for the business matches your own. A passionate business partner will be self-driven and motivated beyond getting a paycheck. Someone who is willing to do more than his or her share of the work and who is not afraid to make personal sacrifices for the success of the business may be the perfect partner.

Protecting your partnership

If it is your intention to turn over certain aspects of your business to your new partner, you will want to be sure he or she has the ability to make sound decisions. This includes weighing the potential outcomes and expectations and striking a balance between taking bold risks and proceeding with caution. Risks may bring rewards, but you certainly don't want a partner who is careless with your business.

One great risk many entrepreneurs take when they join in a partnership is neglecting to create a solid partnership agreement. You and your partner may not always see eye to eye, and life events may require tough decisions. Having a legal contract to cover these contingencies may allow your partnership to thrive for many years.

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