Your Quick 10- Point Checklist on Finding the Right Business Partner

Bringing on a new business partner can be a great way to grow your business, but it's important to choose the right person. Here's a checklist of things to consider when evaluating potential partners:

1. Compatibility: Do you get along well with this person and share similar values and goals?
2. Trust: Do you trust this person to handle sensitive information and make sound business decisions?
3. Expertise: Does this person have the skills and knowledge necessary to contribute to the success of the business?
4. Responsibility: Are you confident that this person will take on their share of the work and responsibilities of running the business?
5. Vision: Does this person share your vision for the future of the business and have a similar long-term strategy?
6. Work ethic: Is this person reliable, hardworking, and committed to the success of the business?
7. Communication: Can you effectively communicate and make decisions as a team?
8. Financial contribution: Will this person be able to financially contribute to the business, and do you agree on how profits will be shared?
9. Legal considerations: Have you thoroughly reviewed and understood any legal agreements, such as a partnership contract or operating agreement?
10. Conflict resolution: Have you discussed how conflicts will be resolved, and do you feel confident in your ability to handle conflicts as a team?

It's important to carefully consider all of these factors before bringing on a business partner, as a strong partnership can be a valuable asset to your business, while a poorly-matched partner can create unnecessary challenges.

Marcin Drozdz

The information contained herein is for general guidance on matters of interest only. This information contained herein is not intended to provide you with any advice on financial planning, investment, insurance, legal, accounting, tax or similar matters and should not be relied upon for such purposes. M1 Real Capital Inc, Marcin Drozdz is not a financial, legal or tax adviser. You should assess whether you require such advisers and additional information and, where appropriate, seek independent professional advice. You understand this to be an expression of opinions and not professional advice. You are solely responsible for any actions you take with the content and hold M1 Real Capital Inc, Marcin Drozdz or any of his affiliates harmless in any event or claim.