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Tips for choosing a business partner

On Behalf of | Sep 21, 2020 | Business Formation, Partnership Agreements And Disputes |

The right business partner could help your Texas company grow and thrive for many years or decades to come. However, choosing the wrong person may doom your business to failure regardless of how good its products or services are. Let’s look at two of the characteristics that you should look for when selecting a person to run a company with.


Trust and compatibility are important


In many cases, the ideal partner is someone who has skills that complement your own. For example, it may be worthwhile to align yourself with someone who has a larger professional network than you do. This person should also be reliable and trustworthy enough to be a leader that others in the organization will follow and respect. Generally speaking, reliable business leaders won’t have large gaps in their resume or a history of moving from job to job every few months.


Your partner should be passionate and creative


Generally speaking, a person who is passionate about running a company is more likely to do whatever it takes to help the business succeed. Furthermore, the best partners are typically those who have a creative mindset and aren’t afraid to be innovative. These skills can come in handy when it comes time to create a distinctive brand image or when it comes time to develop goods or services that are different from those currently on the market.

While the characteristics listed above are important, there are a myriad of other qualities necessary for a good partnership. It may be a good idea to discuss these with a business law attorney and then have them draft a partnership agreement that puts the terms of the relationship in writing to solidify the expectations of all the parties. Taking this step may prevent disputes from occurring or make it easier to dissolve the partnership in a timely manner.