In running your small business, have you tossed around the idea of adding a business partner?
If the answer is yes, making sure you get the right person in there is critical.
Remember, you’ve worked hard to get your business to where it is today. As such, you want to be sure bringing in another person is the right move.
This is why research on your part will play a critical role in having someone along for the ride.
Make the right call and you could be set for years to come. Make the wrong decision and hassles can come your way sooner than later.
With this in mind, is it time for a business partner?
Do Some Research on Individuals You May Consider
In looking at bringing in a business partner, keep these pointers in mind:
- Who to get – In deciding to have an equal in running your brand, it will come down to which one is the best person for the job. That said you want to do some obvious research on the different candidates out there. In doing so, make sure you get as much info on each person you look at. So, have they run a small business before? Do they have any financial issues? Have they been in trouble with the law over time? These are but a few of the questions you’re going to want to have answers for. On that last one, yes, knowing if they have a criminal record is not something you want to gloss over. In trying to get such information, you can go online and do a warrant search. When you enter their full name on a site providing such info, you move closer to find if this person may be the right fit. In finding such a site, you can do Search Quarry reviews or others to see which website will work best for you.
- Determining finances – Having one to help you run things means some financial decisions. From profit sharing to how much to put towards expenses, be sure you and the other individual are on the same page. Unfortunately, one of the main reasons people part company in running a business is money. Make sure all major financial decisions have been fully discussed and end up in writing. If you and the one you consider can’t get along on even the simplest of financial calls, imagine when it comes to big ones.
- Looking down the road – Last, having a business partner opens the door for selling your share to them one day. With that thought in mind, you want to be sure you work with someone you’d trust to turn the reigns over to at some point. Given all the time you’ve put into your business, you do not want to turn it over to someone you are not confident in. By finding the right one and working together, the hope is you develop a good relationship.
So, if it is time for a business partner, who might you select?