Posted by: admin in Business,Business Partner on May 16th, 2012

As a start-up business owner, you may have been running your company on your own from the start but as it grows and expands, it is advisable to get a partner to make it effective at everything. Working with the right business partner would be helpful to share the workload and make your enterprise more effective in every area to take it to greater heights.

What should you be looking for a good business partner? First, it is necessary to find someone who has skills and talents that complement yours. Work with someone who has a different skill set to make up for the things you need to improve on and complement as your team’s strength. Be able to define each other’s roles and tasks as well to know who should be doing what. Discuss your business goals and make sure that each of you agree and is working on the same page.

It is also critical to take legal counsel through a competent business lawyer to set the terms of your agreement. This way, each of you and also your business are protected and you have a clear understanding in your partnership with regard to financial compensation, equity stake, etc.