When you are looking for a business partner there are some things you should look out for. Finding the right person to work by your side for a business opportunity is a critical decision and you don’t want to be taken for granted or left abruptly. Taking on a business is a serious, and often, long-term commitment. Making sure you partner with the right person, both personally and professionally is the first step in accessing whether or not you’re ready to dive into business. At Rockrose Realty in Florida, we list businesses for sale and we have seen our fair share of unfit business partners.
Here are a few of our own tips for finding the right business partner:
1. Make sure there’s trust.
You can’t get far in any relationship without trust. Ultimately, if you even have an inkling of doubt in this person, it is best to stay away from business opportunities with them before investing in a business for sale.
2. Looking for a business partner and a friend
If you are getting into business with someone who is already a friend, you’re off to a good start. You will have already established trust and values. Before you dive into this adventure with your friend however, make sure your values align.
If you are getting into business with someone relatively unfamiliar, you’ll want to establish a friendship first. If you find you can’t get along on a personal level, chances are your business relationship with be a reoccurring rocky road.
3. Test it out
A good idea to get you started with this endeavor is to work with your potential partner on a small project before you release any investments. If you can decide for sure that this person is committed and has the same dedication to the business, then you are both ready for the next step.
4. Ensure there are varied strengths
It is seemingly pointless to start a business with two salesmen. Think about it—you may have landed the sale, but who is going to work the day to day? Who can execute the next steps such as production and billing? When looking for a business partner, you want to ensure that you both have different strengths in order to make your business run more efficiently.
5. Create a balance
You don’t want to start off your business by creating an unfair work balance. If you handle the sales and financial side of things, make sure your business partner can delegate two equal responsibilities.
6. Discuss money
The big ‘M’ word. Money will always be a major cause for concern with any working relationship. Before you put down money on a business for sale, you’ll want to make sure you and your business partner’s ideas align. This is especially prudent when considering funding a business and delegating how profits will be distributed.
7. Have it in writing
Finally, the most important step is to have everything in writing. Have a written contract that outlines all expectations and what should happen should one of you decide to forgo the business.
If you have found the right partner and you both are interested in a business for sale, contact Rockrose Realty at our Florida offices!