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Many residents in New Jersey develop innovative ideas for new businesses but realize they may be best served by having a partner to get their new company off the ground and on the road to success. Finding a good business partner is an art unto itself and can be as much about finding the right partner for a given business and person as anything. What makes someone a good business partner for one entrepreneur can differ for another.
Forbes recommends that trust and respect should be at the heart of every solid business partnership. Going into business together is akin to getting married when considering the legal and financial connections people will share. Part of trusting and respecting each other includes having compatible styles for conflict resolution. No matter what, business partners will not always agree so it is essential they know how to work through those situations positively together.
In addition to sharing values and a vision for the business, Entrepreneur magazine notes that future partners should bring unique and complementary skills to the table. A partnership of two finance experts leaves a lot of gaps in a business but a partnership where one person has finance expertise and the other brings marketing and sales know-how can position a company more effectively for success.
Prospective business partners should discuss how they will run their future business and who will assume responsibilities for what specific tasks or functions. They should also pre-outline an exit strategy for each individually and collectively.
Understanding how this affects the small business economy is part of our job here at Santomassimo Davis LLP, as we primarily focus in providing expert Outside General Counsel for a variety of law firms and legal issues related to Corporate and Business Law in New Jersey, New York and Pennsylvania.
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