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Choosing the best business partner is an essential step

Starting a new business, or bringing on a business partner as your company grows, is an exciting time full of unlimited potential as you look at the future. Creating the perfect partnership is a crucial step—but is often one of the hardest to get right.

The next time you look at choosing a business partner or expanding the top leadership in your company, these qualities may help you select someone that brings success and growth to your business.

5 qualities your business partner needs to have

Trust

One of the most essential qualities in a partner is trust. The person you hire will be heavily involved in all parts of the business, its assets, the employees and relationships with customers. Can you trust them on a professional as well as a personal level?

Values

The values of the person you may want to hire can speak volumes about how they will conduct business and work relationships and handle company finances. If their values don’t align with yours, you could be heading for an awkward partnership, even if you get along great as friends.

Experience

Take a close look at the person’s work history and aim for someone where you have actual experience working together in some capacity. Seeing a trial run of their work will speak more clearly than any resume will. It is also important to hire someone with high-quality work and experience—taking the cheapest, least experienced person can often set you back in the long run.

Different strengths

Personality, experience, and strengths are pleasant to have in common, but the most effective business partner can often be the one who has an advantage in an area where you have a weakness. If one partner is a people person, while the other excels at finances, it could be a solid match.

Similar vision

Two people leading a company in a similar direction is essential to success. Ensure that you have similar outlooks on the value of the company, plans for it to reach its full potential, and what to do in times of failure, a partner leaving or other issues coming up. Buy/Sell agreements and other legal plans being in place can be a massive help in smoothing the company’s—and your partnership’s—path ahead.

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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

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