What To Look For in a Business Partner?

What are the most important things to look for in a business partner?

Whether you are planning to expand your business or to buy a business / franchise, it is important that you consider partnering with a business partner.

There can be a lot of reasons to have a business partner.   Maybe you need fresh capital to grow your business.   Or, if you are thinking on buying a business, you’re a great visionary thinker, but when it comes to managing employees, you can’t imagine having to discipline someone. Or maybe you’re a whiz at numbers, but creative and personal business skills aren’t exactly your forte.

Either way, as you begin your search for the ideal business partner, measure your candidates on these four key factors:

Trustworthiness: As business partners, you’re going to need a strong, trustworthy relationship to share the ups and downs of the business. Even more so, you want someone you can trust with your financials. If your business partner is relatively new to you, observe how they interact with others, or ask them about previous jobs and employers. This may reveal their loyalty and trust patterns.

Strong financial background: As business owners, the money will often run through your hands. Or, your business partner may be in charge of the bookkeeping. Either way, you’ll want someone who knows how to handle money, how to spend money, and is in generally good financial health. Managing a business’ income and expenses is ten times as more detailed than personal finance. Make sure they have their financial act together.

Experience: You may have a great concept for the business, but none of the experience. Choose someone who has previously specialized in that concept or industry if you lack the expertise.

Stability: Owning your own business takes a lot of time and effort, above and beyond what a traditional job requires. Make sure that your business partner is in a good place in life, where they’re able and willing to dedicate themselves to the business. If they’re going through a change in life, like divorce, relocating, or having kids, make sure you’re on the same page about levels of dedication.

At Sunbelt Central America we help you find the business partner you are looking for, contact us.

Source:  Sunbelt Business Brokers