How to settle on a Business Partner
Many individuals feel it is really a bad strategy to go into business using a lover since you should break up the ownership and gains. Even so, possessing a business companion can actually increase your earnings and all round business success. Many with the most successful organizations had been depending on a partnership: Ben Cohen and Jerry Greenfield- Ben & Jerry's ice-cream, Larry Page and Sergey Brin- Google, Jerry Yang and David Filo- Yahoo, Dr. Katie Rodan and Dr. Kathy Fields- Proactiv Solutions. Obtaining a business lover can substantially enhance the over-all achievements of your business, since a spouse can offer their own connections, expertise, and skills the business needs in becoming prosperous.
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Look for a associate who shares your passion, vision and excitement: You want to pick a husband or wife who shares your vision, believes in what you are trying to accomplish, and is as excited about the idea as you are. You might have to understand this is the person you will be spending and living a lot time together with. In developing the business you and your companion are bound to face lots of stressful challenges as well as successes. You need a husband or wife that is tolerant as well as positive during both the good and the undesirable times, and will not leave when things become challenging, but will rather stand up to the challenge and be in it for the long haul. Therefore, allowing the business to grow by achieving the short-term and long-term goals from the business.
Opt for a partner that is complementary: It may be tempting to select someone who is just like you, but this will not make a business successful, as you want someone who can bring different skills, experience and know how. No person is a master of all things, if you are skilled in finances you may want to pick a companion who is skilled in sales and marketing. The combining of different skills allows for greater innovation, more ideas, better planning and a greater chance that your business will be productive. As the popular saying states: "Two minds are greater than one."
Find a Spouse who shares your values and practices good business ethics: You only want to go into business with someone you can trust, someone who values honestly and full disclosure. Choosing an unethical and dishonest business associate will destroy the business. You need someone who will respect the businesses ideas, its assets and the laws of business, as you do not want to get into trouble. It is wise to conduct a thorough investigation of your lover you are considering, look into their previous business history, check their references and do a background check, which can include a police clearance, this will show if they have any previous criminal violations.
Find a associate that can offer the business resources: Financial resources is only one of the resources a husband or wife can offer, there are many other valuable resources a lover can offer which can greatly improve the chances for business achievements, for example:
• Connections within the business industry such as vendors, distributors, recruiters, investors or suppliers.
• A strong client list that can lead to potential sales from business owners, specialists, or media contacts.
• Credentials and business expertise.
Define and allocate responsibilities: In creating a partnership it is important to assign roles and responsibilities for each associate, whether that is VP of engineering, marketing and sales or operations. It is best you do what you know best, and let the partners do what they know best, give each partner the freedom to improvise, as they will perform better when you respect them for knowing what works and what doesn't.
Write a legal partnership Agreement: In choosing a spouse you will need a legal agreement, stating the responsibilities, the financial obligations, how expenses and revenue are distributed, what are the terms and conditions in the event the husband or wife decides to leave the partnership, and how will the issues of breach of contract or disputes be resolved. There are lots of partnership agreements online that are free to view and some can be downloaded for free. Even so, each partnership is different, and it is recommended in forming a partnership you hire an attorney, who will customize the agreement to the specifications in the business and its partnership.
Look for a companion that does not come with baggage: A spouse, who is consistent, will be able to devote tremendous amounts of energy and commitment to the business. You can not afford to have a spouse who has a lot of personal issues or problems, as this will interfere with the ability for the business to grow. Constant excuses, for example I can't make it mainly because....are not acceptable when the results of a business depends on each partner giving 100%.
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