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31 2014

Finding the Right Business Partner

Syndicated from: Canadian Youth Business Foundation

Partnerships can be a powerhouse for a business when chosen correctly, however they can destroy a company quicker than anything else if the fit isn’t right. From my experience, here are 3 simple tips for finding the right business partner. 1. No Friends While friends may seem like a great idea because you know each other, if you’re not willing to lose a friend over a business, don’t do it. 2. Direction Ask this potential partner their direction for the business before you tell them yours. Most cases if someone wants to be part of a great idea, they will try and say what you want them to hear. Avoid this at all cost. 3. Discuss the exit locations People change over time, we are all human. For this make sure you have discussed with your partner all the possible exits on both sides in case something goes south and you needed to either exit the partnership, or dissolve the business. Equally important you may need to exit your current partnership to add new partners when the business grows, so discuss that possibility. This way no one has any surprises. Shaun Whynach, Blue Cow Creative Design & Production Ltd., Coldbrook, NS,

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