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Choosing the right business partner for your company 

On Behalf of | Sep 27, 2022 | Business law |

You established your company a few years ago and it has continued to go from strength to strength. In fact, you hadn’t realized that you would achieve so much success within such a short timeframe. You’re taking your next steps to expand the company further, and at the top of the list is bringing in a new business partner

You have an idea of the sort of person you want to enlist, but it’s a major decision. Outlined below are some important factors to keep in mind during your search.

Bringing something different to the table 

You have your strengths. You’re a number cruncher and ideas person, but you do lack in some areas. You’d like your business partner to be more of a people person, who can motivate your team members to get behind the company. It’s important that you bring in someone with diverse strengths, and not merely a mirror image of yourself. 

Foundations of trust 

You also need to be able to trust your business partner. Your company may rely on the use of unique technology that must be kept out of the hands of rival firms. There may be large sums of money involved in your transactions, so there’s really no room for carelessness or dishonesty. Finding someone who is trustworthy should be a top priority. 

The value of a trial period 

It may benefit you to agree upon a trial period with your new business partner. This way, if it doesn’t work out, you can go your separate ways without any hard feelings. Having this drafted in a partnership agreement will be very useful to you. 

As you move forward with your company it’s important to ensure that you are legally covered and your partnership agreement will work well into the future, anticipating many possibilities. Seeking guidance from someone with experience in the field of business law will serve you well.