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  1. OnTrial

    OnTrial Entrepreneur

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    Just thinking about expanding and starting my new business, I have a good friend who does similar to me but not sure if it will be a benefit of having a partner?
     

  2. Brian

    Brian Entrepreneur

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    Lots of benefits of having a partner. Lots of downsides, too. But forget all that.

    A better question would be: What can she do to help?

    I wouldn't do business unless I can contribute. It can hurt my reputation, waste our time, kill the business.
     
  3. SC93

    SC93 Entrepreneur

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    Always best to not have a partner. And of ALL people DO NOT include friends or family or friends of friends or family. When it is YOUR baby YOU can do what YOU want. If you have a partner.... you have to talk about it and vote on things.... and eventually it will probably go south so you're back at square 1 except now you've wasted time having a partner.

    I have 2 service businesses and I don't hire family or friends and we don't work for family or friends and we NEVER do work within 1/2 square mile of where I live.
     
    Last edited: Nov 1, 2015
  4. Griffin

    Griffin Entrepreneur

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    I would say that if you are starting a business, you should be capable to run it without a partner. I would, instead, suggest hiring said person into a higher up position, but not giving them equal ownership/management status. This ensures that your company can run the way you want it to, without the further complications, but also with the same level of help from your friend.
     
    Michelle likes this.
  5. dyanmarie25

    dyanmarie25 Entrepreneur

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    It really depends on your preferences. Just like what other posters have already said, there will be both upsides and downsides of having a partner. And since you, together with your partner, is running the business/company, make sure you always keep good communication with one another to avoid conflicts and misunderstandings.
     
  6. T J Tutor

    T J Tutor Entrepreneur

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    It's an older thread, but this is a subject that deserves a lot of discussion. Those that do not know how to measure an individual to be their partner(s) can be stuck without direction.
    1. Review resume, especially if this is a new partnership. Learn about their background, work history, capabilities, performance and education or academic credentials. Most any seasoned business person will tell you past performance is indicative of future behavior. In addition, entrepreneurs are sometimes often evaluated by their capabilities, passion and business acumen instead of performance reviews of previous relationships.
    2. Share your vision with prospective business partner while discussing experiences to understand if your business principles, company goals and personalities are compatible. To make a well-informed decision on your prospective business partner it's a good idea to spread these conversations over a period of time to confirm uniformity in their personal and business acumens.
    3. Pitch your business plan to them as though they were an investor and then ask them to do the same with you. Compare the results and encourage a conversation to see how you both may be compatible and possibly incompatible. Your prospective partner may be key to securing funding for future expansion. Rehearsing the plan and pitch enables you to evaluate how impassioned the prospective partner is with the company’s objectives and goal.
    4. Introduce your partner candidate to staff and employees to help determine compatibility based on interaction. A capacity to motivate the workforce and be a respected leader is paramount. A partner that trains, motivates, delegates, and inspects employees successfully is likely able to generate revenue and improve your industry standing.
    5. Introduce your prospective partner to customers and note how he/she interacts and addresses customers’ needs as well as how they may diffuse potentially difficult situations and if they can resolve conflict. The ability to cultivate relationships with customers is paramount and increases company value improving industry standing.
     

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