Choosing the wrong business partner can be a major mistake for your company. It can lead to some serious disputes in the future, it could have negative financial ramifications and it can delay all of your dreams for this new business.
But how do you know if you’re choosing the wrong person to work with? Below are a few signs that Someone may not be a good business partner and may increase the odds of a dispute.
You have different goals
First of all, talk about your goals for the company. These need to align to a large degree or you’re going to be working against one another.
You have a different work ethic
You need to find a business partner who is going to work as hard as you do. They need to take responsibility for their actions and strive every day to put the business first.
They don’t seem excited about it
Starting a new business should be exciting. It is this excitement that drives someone to work hard and to do what it often takes to get a new business off the ground. If they’re not enthusiastic, their attention could wane quickly.
You don’t feel equal
Finally, you need to have someone who sees you as an equal. For instance, if they are taking home more of the revenue than you but you own the same percentage of the company, they’re not treating you properly and you need to choose someone else. Remember that this is supposed to be a partnership.
If you do end up with the wrong business partner, as so often happens, then you may need to know about your legal options to resolve a dispute and move forward.