If you’ve decided to start a business with a partner, selecting the right person is one of the most important decisions you’ll make. This choice can significantly impact whether or not your company achieves sustained success. It’s essential to approach this decision thoughtfully and carefully choose someone who will complement your vision and work style.
But how do you find the right person? Every situation is unique, as is every business. Here are two key considerations to keep in mind as you evaluate potential partners.
1. You can work well together
It’s important to choose someone you like, get along with and can spend time with. After all, you’ll likely be working closely together, perhaps for decades. Finding someone with a personality that meshes well with yours can make the partnership more enjoyable and productive. Shared interests can also help build a strong foundation, and it’s vital to find someone who is as committed to the new business as you are.
2. You have different skills
While compatibility is important, it’s equally critical to choose a partner whose skills complement your own. If there’s too much overlap, the business may lack balance. For example, if you excel at networking, talking to people and making sales, you might need a partner who is better at product design, recordkeeping or handling the technical aspects of running a business. If both of you have excellent people skills but lack technical expertise—or vice versa—the business could struggle.
Next steps
After selecting a business partner, it’s crucial to take the necessary legal steps to set up your business in California. This includes obtaining the proper licenses, drafting a partnership agreement and addressing other legal requirements. It can help to work with an experienced law firm at this time.