Partnerships truly do come and go. Things change and people change. But having one or several partners can have a very positive impact on your business. The key is picking the right partner.

Generally, partners either start a business together or are added at specific points in the business’s evolution. However, both situations require the same thought process for the owner. The following are some key things to consider when thinking about having a partner.

1. Having a partner means sharing in less of the profits. Will the potential partner not only make up for this reduction but help create far greater profits?
2. While you might have a majority share, partners must treat each other as equals in the daily operation of the business. Can you do this?
3. Partners must always be transparent with each other. Are you sure you want your partner to know about everything you do concerning the business?
4. Partners must complement each other. They must bring different skills to the table. If you are poor at sales, they need to be great at sales. If you have lousy financial skills, you might want them to take this responsibility from you. If you both have the same skills, you don’t need them as a partner. You just need to hire them.
5. While it isn’t important for your partner to be your best friend, it helps for you to be compatible. Obviously you will be
spending a great deal of time together.
6. You will want to have a partnership agreement drawn up by an attorney. It should specify what happens if a partner leaves the company. Are you ready to lock yourself into a formal agreement?
7. Constant communication holds the relationship together. Can you maintain this level of communication?
8. Lastly, can you give up total control. If not, a partnership will almost always end badly.