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Things to consider before taking on a business partner

On Behalf of | May 11, 2023 | BUSINESS & COMMERCIAL LAW - Business & Commercial Law

Running a business single handed can be tough; so it is no surprise that many entrepreneurs look for a partner. While the right partner can bring a host of benefits to your business, the wrong one can make you wish you had stuck it out alone.

Here are some things to consider if you are considering bringing someone else on board:

What are you willing to sacrifice?

Remember when you worked for someone else and dreamed of starting your own business so you could be your own boss?  You won’t have that same freedom once you enter a partnership, as you will always be answerable to your partner.

The freedom to do anything from taking a day off because you feel like it, or making a spur-of-the-moment decision will go out the window. You will also need to give up a share of your profits.

What will they bring that you couldn’t get elsewhere?

Maybe you are terrible at taxes, but that does not mean you need to make someone a partner to help you with that. Accounting and so many other skills can be learned online, through a course or contracted out.

Even things such as your potential partner’s enviable social network could be built up with time and effort. In some cases at least.

What will happen if it does not work out as planned?

Many partnerships fail, so you need to be prepared for yours to do just that. Getting legal help to create a partnership agreement that covers all such eventualities will make it less painful if problems do occur.