Do You Know Your Business Partner?

Often times we make the mistake of going into business with someone just because we "think"  we know them, or that person is our friend.  That can be a costly mistake if you are not 100% sure you should be in business with this person or persons.  Before going into business partnership, you should always:

  • Make sure that you hire an attorney to put everything in writing so there are no misunderstandings later.  You don't want to have a verbal agreement that doesn't stand up later because there is no proof of it.
  • Be sure that you know the person and their character traits.  How are they with money? Do they have good customer service skills?  Are they trustworthy?
  • If there are any differences prior to signing the agreement, make sure they are ironed out before you sign any paperwork.  A partnership is like a marriage.  If you go into it with problems, they will only escalate.
  • Ask yourself if you really need a business partner, or if you just need to hire someone that can do the same job.  You can save yourself a whole lot of time, trouble and money by employing someone.  It's a lot easier to fire an employ than to rid yourself of a business partner.

So again, I ask, "Do you know your business partner?"  If you do, that's great!  Move forward with your business relationship, and go make lots of money together.  If not, you may want to take a second look at some resumes and employ someone else to do that job.