Tips for Deciding To Take On A Business Partner
First things first: Is a partner what you need? Take a step back and look at the big picture. Sometimes it’s better to hire a consultant whose services you can use on a consistent or as-needed basis. Or you can hire a contractor to take care of a certain set of tasks and nothing else. Maybe an employee would serve you better. The ultimate decisions are yours.
Taking on a business partner is a bit like getting married. Some of us are cool with the bachelor life, some want a buddy from time to time, and some of us want that partner for life. There’s nothing wrong with any of these options, but you need to have clarity about what you want and why.
Do Your Goals and Aspirations Align?
After you know what you want, you can start thinking about who you want. Be honest with yourself about what’s missing—what problems need solving, what tasks aren’t getting enough attention, how your market could be served better. This is a necessary step to choosing the right person to support you and your business.
You have to know the difference between someone who is fun to work with and someone who really gives you what you need. If you’re a free-spirited dreamer, it might be fun to work with someone just like you when what you really need is a cerebral number-cruncher. If you’re a natural introvert, consider someone with the gift of gab who thrives on winning people over. The right partner’s goals and vision won’t just match yours but enhance them. Dreamy, right?
A successful partnership demands a healthy division of labor, with their skills complementing yours. The work that goes into your business needs to be well-rounded, not two people doing the same work and leaving the stuff you needed someone else to take care of neglected.
If your partner has experience in your industry, that’s a plus, but don’t let the right person from a different industry slip by. A new perspective can bring so many of those awesome “Wow, I never thought of that before!” moments. They’ll be able to see the ways your work and theirs need to differ.
In Love With A Potential Business Partner? Keep Your Exit Strategy
It’s not fun to think about, but you need an exit plan in case you break up. When taking on a partner, take special care with your partnership contract and any documents that deal with the structure of your business and how disputes, severances, buyouts, and such are handled. You’ll want your own legal advisers to have your bases covered so that if you split up, litigation is a last resort. Breakups can be expensive and time-consuming, so, like a prenup, exit clauses can provide for the direction of funds, shares, and other resources. Start with fairness and goodwill and it’ll serve you both well.
Listening to Your Heart and Your Head
Planning to take on a business partner is easier when you put your expertise and intelligence together with experts who help business owners explore possibilities every day. At Office Accomplice, we’re all about making your business work better for you. Contact us to discuss your partnership plan.