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Look for these qualities in your next business partner

There are many benefits of starting a business with a partner. While it might not be the right approach for everyone, entering into a business partnership may be something you should at least consider.

This leads to the question of what qualities you should look for in a business partner. If you assume that just anyone would make a good partner, it's possible you could end up disappointed in the long run. Furthermore, this can result in lost time and money.

Here are five qualities you should look for in your next business partner:

  • Trust. If you can't trust the person 100 percent, you shouldn't go into business with him or her. Trust is what every solid business relationship is built on, so don't overlook its importance.
  • Ability to get along. There will be times when you and your business partner have disagreements. You hope it doesn't happen often, but it's something you should expect. It can be difficult to determine whether you'll get along with someone, but it's definitely something to think about.
  • Balanced strengths. Make a list of your top strengths and weaknesses. From there, make a list of the strengths and weaknesses of the person with whom you want to partner. If these balance one another out, you're in a good position to move forward.
  • Contacts. This isn't a must, but it's nice to find a partner who has industry contacts that can help grow your business. Talk to the person about his or her network before you decide to partner.
  • Someone with enough time in his or her schedule. If you're putting your heart and soul into the project, you should expect your business partner to do the same. You don't want to find that you're putting in full-time hours, while your business partner is working just a few hours per day.

These are just a few of the many things you should consider when looking for your next business partner. When you keep these points in mind, you lessen the likelihood of a business dispute in the future.

If things take a turn for the worse and you find yourself in a dispute with your partner, you should attempt to work things out on your own. If that doesn't work, learn more about your legal rights and the steps you must take to protect your business.

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