You planted your business idea, celebrated when you saw the first signs of life, cared for it meticulously, and now it’s flourished into a tangible asset with solid roots and potential. Congratulations! You are only a few steps away from your own private island and airplane! However, you quickly realize that in order to keep growing, you’re going to need additional support. So you go to the copy store, print out bunch of business plans with a general game plan, ask around for some cash, and accept an offer from the first person willing to write a check. Right? Of course not! Taking on a business partner is a huge decision, and one you need to plan for, and evaluate, carefully.
Here are 7 tips to get you started:
Choosing a business partner is a lot like choosing a spouse. You will be tied together in times of happiness and disaster, for better or worse. By using the strategies above, you can confidently make sure that the relationship is set up for long-term success.
Andrea A. Tarshus, Esq. began Tarshus Law Firm @Tarshuslaw.com in 2015 to fill a void in the legal ecosystem: efficient, accessible, and fair in-house and General Counsel legal services for business owners. Her engagements regularly include business legal startup paperwork, negotiating and executing contracts, administering internal legal and operational controls, and creating legal documents that protect the company's best interests.
This article is intended to be informational in nature, should not be relied upon by the reader without consultation with an attorney, and does not create an attorney-client relationship between the author and reader.
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