When starting a business, you certainly want to set yourself up for success. Therefore, you may consider bringing in a partner to help build and run the company. Sharing the workload and having someone to help out in difficult times can allow you to feel less overwhelmed by the idea of running a company.
Of course, it is important to choose the right partner as you move forward with your business venture. You may think that you have chosen wisely only to realize later that you and your partner do not see eye-to-eye on various aspects of the company, and, as a result, you may find yourself facing partnership disputes or even needing to dissolve the partnership entirely.
Who should you choose?
Many factors could make up a partnership that could help you achieve the success you desire. Some of the characteristics of a potentially strong partnership include the following:
- Similar commitment: If the business idea started out as your own and you later brought others in on your plans, you may already feel committed to working hard to make the company a success. In order to have a strong partnership, you will want to ensure that your partner also has the same commitment. If not, that person may not feel the need to take necessary risks.
- Ability to deal with setbacks: Another point of importance relates to how a person handles a lack of immediate success. Because it can take time to find the right avenue for success, if a partner does not handle failed ideas or other setbacks well, he or she may not want to continue with the business.
- Similar personalities: You will likely also want to get along with your partner on a personal level. If you partner with someone who you later find has too different of a personality than yours, you may find yourself facing many conflicts with your partner over important aspects of the business.
You may also want to think twice before partnering with a spouse, other family member or close friend. Just because you get along well in your personal life, it does not mean that you will form the perfect business partnership. In some cases, people are not able to separate their personal relationships from their business relationships, and, as a result, the company could suffer due to a personal issue that is not left outside the office.
How should you handle disputes?
If you do find that you and your business partner are not getting along and face a serious business-related conflict, you may need to take legal action. Working to legally address a partnership dispute could help better protect you and the future of your company.