Is your risky business partner worth it?

Is your risky business partner worth it?

On Behalf of | Apr 30, 2022 | Uncategorized |

Going on a business venture with a partner is often an immensely fulfilling journey. It also offers numerous benefits compared to starting off alone.

However, there are some major hurdles as well. Many come into play if a person’s business partner is less than ideal, or even a risk.

Shifting values and goals

Forbes discusses ways of avoiding a bad business partner, including potential red flags to watch out for. Essentially, a risky business partner will say or do things that can jeopardize the business as a whole and impact more than just them. This can lead to unnecessary stress and friction which may eventually cause the partnership to crumble, if the risk-taker’s actions do not cause this first.

First, watch out for shifts in value. Partners should generally share the same views, goals and opinions in order to run a company smoothly. Radical or sudden changes in these aspects can lead to conflict. This also goes for having a shared vision for the company’s future. Be on the same page.

Drive and history

Next, look for drive. Is the enthusiasm between partners starkly different? Does one take on all of the work? This is not an equal partnership and cannot feel sustained.

Does a partner have a history littered with red flags? Have their past ventures gone bankrupt? Do their employees complain about them? Always check before signing an agreement.

Speaking of an agreement, make sure to have one at all. A partner who balks at the idea of signing one might have things that they want to hide, or they may want to break away from the partnership at a moment’s notice without facing repercussions for it. Either way, it is not a good sign.