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The 3 qualities of a good business partner

A good partner can help carry your business into the future. They will bear some of the burden and risk while sharing the fruits of labor. Although a good partner can be a monumental asset, a bad partner can easily expose you and your company to legal complications.

Business owners must choose their partner carefully. Partnerships require trust, so you will want to find someone who you can depend on. We recommend considering three qualities that often define a strong business partner.

First, the partner should know the “ins and outs” of your company and share your goals. If your partner wants to take the business in a completely different direction, it’s likely that the partnership will lead to more conflict than success. Both of you should recognize the strengths and weaknesses of the company and agree on a plan for growth.

Second, the partner should be responsive to communication and negotiation. There will be times when the two of you disagree on an important decision. Unfortunately, some business partners may take action before both parties settle the matter. Moving forward with their preferences behind your back can shatter trust. A good partner will be willing to listen, deliberate and put the company’s success before their own ambition.

Finally, you should be on friendly terms with your potential partner. After all, the two of you will spend plenty of time working together. Just like romantic couples value “chemistry,” you and your partner should get along on a personal level, even if you aren’t friends outside of work.

A strong partnership creates synergy. Adding a partner can increase the creativity and flexibility within your company. Once you have selected your business partner, an attorney can help you draft a partnership agreement to legally protect both parties.

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