Running a business on your own can feel like a lonely place. As a sole business operator, you bear all the financial and legal responsibilities. You also largely oversee the future growth of the company.
It is for this reason that many business owners opt to bring in a partner. Nonetheless, a partnership only works when the right person is brought in. What types of qualities should a business partner possess?
They should be complementary
Seeking assistance to run a business doesn’t usually mean seeking a duplicate of yourself. Ideally, your business partner should possess a complementary skill set. This means that you aren’t constantly stepping on each other’s toes and you can each focus on your own designated tasks.
Conflict management skills
The last thing you want in your business is conflict, particularly between business partners. While your partner may need a bit of fight to compete with rivals, this shouldn’t be directed at you or your other team members. You should all be working as a team toward shared goals.
Partnership disputes cost your business time and money. They can also cause reputational damage. While disputes can arise, you want a partner who tries to prevent them and resolve them should they happen.
Dependability
Being a business partner is a fiduciary duty. It involves putting the best interests of the company first. You want your business partner to take these duties seriously. They should be focused on bettering the company and not only themselves.
The roles and responsibilities of each partner can be outlined in a partnership agreement. This is an important legal document that all partnerships should be based on. To find out more about forming a partnership, it may help to seek legal guidance.