On behalf of H. Clay Parker, Esq. posted in Business Formation & Planning on Monday, June 19, 2017.
When searching for someone to start a new company with or add to an existing business venture, Florida entrepreneurs should not take such a decision lightly. Working closely with someone to bring a company to life may well involve some ups and downs and therefore it is essential that each person does their due diligence ahead of time to help ensure a positive working relationship.
Forbes recommends that when evaluating potential candidates, people should seek partners with skills different than their own. No one person will be the best at all of the various things needed to run a business so joining forces with someone who has complementary skills or experience is wise. This may also help to avoid potential conflict later on as each person’s roles and responsibilities may be more clearly defined.
Inc. magazine suggests that partnering with a person one has worked with previously is a good idea. The past experiences may give both people the ability to best assess each person’s strengths and weaknesses and know truly how well they can work together, especially in tough times. It is wise to work with people who can positively manage conflict and discuss issues.
An important topic for people to discuss before deciding to go in on a business together, they should openly discuss their reasons for doing so. The ultimate vision and goal of why a company is being started should be shared by partners. At the same time, a potential exit strategy should be proactively discussed as this may directly relate to that vision or goal.