Should You Get a Business Partner?

Should You Get a Business Partner?

by Johnny S

In running your small business, has the notion of bringing on a business partner crossed your mind a time or two?

If you responded with a yes, would you have any reservations about adding someone else to the mix?

For some small business owners, they like having all the control on their side. For others, allowing for shared control is not the end of the world. This can especially be the case if it means a little less workload and pressure.

That said should you get a business partner sooner than later?

Any Risks Involved?

If you are contemplating bringing on a business partner, what if any concerns should you have?

First, you want to be sure you do some research and see what the prospective partner is all about.

So, what if they have any sort of criminal background? Will this deter you from considering them for a partner?

One way to learn more about them is by going online and doing a free arrest record lookup.

In doing this, you can move closer to finding out if they have a criminal history. In the event they do, it will be up to you to determine how serious it is. Could it sway you away from becoming partners with them at the end of the day?

Deciding if one’s criminal background is any risk to you is of course dependent upon what you deem to be a serious risk.

Sit down and take in all that you learn. From there, you are in a better position to take your next step.

Is Money Going to be an Issue?

Along with any criminal background one has, think about one’s financial history.

That said do they have any red flags when it comes to how they have handled money over time? If they do, what do you consider the point where you absolutely can’t afford to take them on as a potential partner?

An example can be if they had to file for bankruptcy one or more times as a business owner.

Sure, some businesses run into bad luck and have to reboot to get to where they would like to be one day. That said having to file for bankruptcy can mean they were having trouble managing money.

Be sure you take the time to understand a prospective partner’s financial history. If he or she worries you, chances are you may want to go in a different direction.

Finally, take time in interviewing candidates to see their thoughts on your business.

Do they have a lot of creative ideas? Are they someone you think would take control and not lean on you too much? Last, are they an individual you feel you could trust? Remember, the last thing you want to do is put all you work for in a precarious position. Always avoid career suicide at all costs.

If a potential business partner is on your radar, do all you can to vet them.

Keep in mind how hard you have worked to build up your small business in the first place.

As a result, you do not want to throw it all away over someone else.

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