Picking a Business Partner? Choose Carefully
Imagine a scenario: two friends decide to go into business together. One has the money to start the business, the other has the skills to run the business. Seem like a good plan? Not always, according to Jack Garson. In his latest blog post on the Huffington Post, Jack Garson of Garson | Claxton LLC talks about what makes a good business partnership and how to avoid some common mistakes.
When choosing a business partner, Garson recommends picking someone with the long term in mind, getting to know them before entering into any sort of agreement, and planning for worst case scenarios. He also recommends making sure partners have the same goals in mind when getting started and avoid structuring their agreement so that one partner is “able to succeed when others are failing”.
In order for a business to succeed, each partner needs to make a continuing, valuable contribution to the business. In order to accomplish this, partners must know the rules of the game before they start playing, says Garson.
You can read his entire Huffington Post article “Why Business Partnerships Go Bad” here.