Are you thinking about going into business with a new partner in Pennsylvania? Alternatively, are you facing the end of the rope with your current business partner and wondering what to do next?
Not all partnerships are created equally. Some work out better than expected, and others leave much frustration and disappointment. Whether you’re starting a business or ending a current one, here are a few ways you can spot a bad business partner to make informed decisions as you move forward.
They have their own agenda
It can be very difficult to avoid business litigation when a partnership fails. If you’re choosing a new business partner, be aware of other venture prospects they may be interested in. Everyone has their own agenda, but that doesn’t mean they may be looking to subvert others. Evaluate what they could be looking to get out of your new partnership.
They’re unwilling to divide the work equally
You can’t share a successful partnership without dividing the responsibilities fairly. As your business grows, your business partner should expect their workload to increase accordingly. Although your workloads won’t always be the same, you should equally divide the overall amount of work you both put in overtime.
You wouldn’t want to spend time with them outside of the office
If you wouldn’t want to go on vacation with your business partner, chances are, you have a major issue to address. Ask yourself:
- Would I want to confide in them about a personal issue?
- Do we share a mutual friendship?
- Do I enjoy spending time with them outside of the workplace?
You should be able to trust your business partner day and night. Since you’ll be spending more time with your partner than you do with your family, you should truly enjoy their company. Otherwise, your business could suffer.
Running your own business can be a rewarding experience. Before you choose a new business partner, use the above tips to make sure you’re making the right decision.