At the The Law Office of Henry Jakob, we are experts in Houston dispute resolution and commercial law, which means we’re all too familiar with the fact that your employees and your business partner can make or break a company’s success. Choosing your business partner is no small task—you want to find someone who is dependable, someone who shares your goals and values, and someone with whom you can work well.
Now, we’re not saying that there’s such a thing as a perfect business partner, nor are we saying that choosing one with these traits will prevent all potential disputes or disagreements. However, choosing a person that exhibits these 4 attributes will help you create a successful relationship on which to build your business—one that can withstand the occasional business dispute.
Find a business partner who is loyal
This trait is just common sense, but look for a business partner whom you can trust. Choosing a partner who is loyal and who shows integrity will give you peace of mind as you move forward with your company. If you don’t know the potential candidate personally, talk to his or her past employers and colleagues to get a feel for the kind of person he or she really is. Take a look at Entrepreneur’s list of 9 questions to ask a potential candidate’s references.
Find a business partner who believes in the company
If your potential business partner cares mainly about raking in the cash and little about the actual product or service that you’re providing, it’s probably in your best interest to go with a different candidate. A person that believes in the business will do what it takes to make that business succeed and will be more determined to stick it out through both the thick and the thin. On the other hand, a person whose goal is to simply make a lot of money might be more likely to jump ship as soon as the company hits a rocky phase.
Find a business partner who is willing to work hard
Unfortunately, some people believe that starting and running a business means delegating the responsibilities to the employees and reaping the benefits, while doing little of the actual work. Once you start your own business, you’ll know that this is far from true. Find a business partner who is willing to put in the work to make the company succeed.
Find a business partner who is qualified
Say you’re opening a bakery. It’s not the end of the world if your business partner doesn’t have any experience making and selling cupcakes, but it is crucial for your business partner to have some type of relevant experience. Choose someone who has a background in accounting and he or she can run the financial side of the business. Find someone who has great management skills, and he or she can handle hiring, inventory, and so forth. Don’t choose your former college roommate who has no relevant experience whatsoever just because you had a lot of fun together and got along really well. Choose someone who can bring invaluable skills to the table—and even better, find someone whose strengths are your weaknesses.
Finding a business partner is one of the most important aspects in starting your company. Once you take care of that part, we’d be happy to assist with the contracts and legal side of the process. As we mentioned previously, choosing a partner with all of these traits is not a foolproof way to avoid all disputes. If a dispute does arise, don’t let it get out of hand. Contact us today for a consultation.