Helping You Do Business Right

What to look for when taking on a business partner

On Behalf of | Apr 6, 2021 | business law

As a skilled businessperson who understands markets, the need to be a visionary and relationship builder as well as how to succeed and knowing when to fold, you are used to calculated risks. You see solid growth on the horizon for your company, and, now, you consider what may be another risk: bringing on a new business partner.

Will this decision lead you to lose some control of your company? Perhaps. Will this decision lead your company to thrive even more? Perhaps. These are among the many questions you must ask yourself if you decide to bring aboard another business partner. But a key question remains what kind of business partner would fit well with the company’s plans. What are some important characteristics needed in this person?

A trustworthy, risk-averse visionary

Ideally, you want someone whose strengths mesh, coincide as well as differ from yours. You want someone open to new ideas, prepared to bring his or her ideas as well as some financial muscle that includes strong connections within the business and investor communities.

Here are some of the important qualities to consider when forming alliances with potential business partners:

  • Dependable and honest: This is really at the core of what you need when seeking a business partner. You want someone you can trust and has the company’s best interests in mind. Having such qualities in a business partner also could help you avoid disputes.
  • A visionary with energy, knowledge and passion: Someone who brings the commitment and ideas, while understanding that sacrifice is, sometimes, necessary. Energy will go a long way for the occasional long hours needed to build a business, while knowledge and passion are essential.
  • A natural relationship builder within the business community: Your prospective partner could bring a whole new list of business connections and clients to your company. Such a skill may bring aboard new employees, a wider range of investors and new business alliances.
  • Experience: A skilled partner understands the peaks and valleys in business, while understanding the need to persevere. That deep knowledge usually proves beneficial for your company.
  • Unafraid of risk: The business world is full of risk and populated by risk-takers. A new partner understands the necessity of risk in growing a business. However, he or she also knows the importance of focusing on calculated risks, where research supports such a move.
  • Creative: This goes along with being a visionary who brings new ideas and new ways of thinking to your company. You count on this quality in getting a leg up on the competition.

Business growth remains on your mind. Perhaps your company reached its potential peak, but new markets beckon. Bringing aboard an experienced and savvy business partner just may lead your company to new horizons.