Finding the perfect business partner isn’t easy, but it can make or break your company.
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Finding the right business partner is a matter of chemistry. While it can be a tough, it’s extremely important to find someone compatible with you and whose skills complement yours.
Related: 5 Things to Consider Before Getting a Business Partner
So what can you do to have a good partnership? For starters, understand your business and leadership style so you know what you need from a partner. Ask yourself questions including: Do I prefer coming up with facts and figures or brainstorming ideas? Do I like to plan things or play them by ear? Do I look at the bigger picture or focus on details? Questions such as these can help you understand what you can bring to the table in order to figure out what you need from the other person.
Related: Everything You Need to Know About Business Partnerships
Once you figure out the type of partner you need, there are a few other rules to live by. Before jumping into a partnership, you should know that person for at least a year so you’ve seen their true colors and have a solid grasp of who they are. Next, make sure your core values and beliefs line up. It would be no fun to butt heads later on. Lastly, draft it all out: Write out your partner’s responsibilities, rights and exit strategy so everything is clear and transparent.
To learn more, check out Business Backer’s infographic below.