Should You Add a Business Partner?

If the time arrives when you consider adding a small business partner, will you make the best call?

For many entrepreneurs, making the right choice on a fellow business owner is tricky.

Among the areas of possible concern in choosing the best individual:

· Have they run a small business before?

· Are they good with money and making financial decisions?

· Is this someone I can trust to have my back?

· If needed, can they fire or lay off employees?

· Do they have a criminal record that would be of concern?

As you can see, there are a myriad of bases to cover. In doing so, you need the right resources to get the job done.

Turning to the Internet

To find out about potential business partners, the Internet can prove to be a great resource.

In starting, you will find out that background checks can prove quite beneficial.

Those searches can yield a treasure-trove of information about someone. Be sure to focus on the more recent history than something that may have occurred more than a decade or so ago.

A potential partner who filed bankruptcy or had run-ins with the law more than 10 years ago is of interest. That said they may have cleaned up their act since that time. If so, you may not have to worry about what they did so long ago.

Speaking of DUIs and other possible crimes, you can zero-in on their driving record. This is something you might not think is a big deal, yet goes a long way to prove responsibility.

If you work in Chicago, consider doing an Illinois license plate lookup if you have the license info. That information can prove beneficial in your search for a business partner.

In using the Internet to learn more about a prospective partner, you can also opt for social media.

Given the digital age, the fact millions are on social sites can prove productive for you.

You may find the individual’s name in a conversation on Facebook or Twitter. Are people talking about him or her in a positive light? If not, that can be a red flag in your consideration of working together with them.

References Do Matter

Along with online searches, take advantage of the references one gives you.

Short of family and friends, references should be from those who worked with the partner. You should be able to get some good information on that person from such references.

You’ll want to know how that person worked under pressure. Did they handle things in a professional manner or were they both ineffective and not calm?

Remember, this potential partner is someone who will help or hurt your ability to run your brand. With the goal being to go to new heights, you can’t afford to have dead weight or trouble along for the ride.

If the time has arrived for you to bring on a business partner, make sure you protect your interests.

Keep in mind, your professional and even personal lives are on the line here.

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August 16, 2017