I wrote a week or so ago about a few different types of legal business structures that you might consider for a small, home business and one of those was the partnership. Whether you are looking for a partner to share your entire business operations, or you are just in the market for an individual or individuals to partner with for a specific project, finding good business partners is not always easy. Not only do you have to decide what you are looking for in a business partner on a personal level, but you also need to keep in mind what is best for the overall health of your business.
Some things might seem obvious—trustworthy, competent, collaborative—these are all traits that are most likely requirements of anyone you would want to partner with. But, it is also important to think about whether you want to work with someone who will compliment you, or will have qualities, traits and competencies that you are lacking. Many small business partnerships try to balance each other out and cover as much as possible with the skill sets and capabilities of the two (or more) partners. Do you need someone dynamic? Organizational and behind the scenes? Make sure you really put some time into determining the business needs and identifying what you both bring to the table.
Keep in mind what you will be working with the partner on—will it be a long-term relationship to build the business or will it be a small piece or short-term project. If the person is going to partner with you in the short-term, you might not have to be as careful and investigative as you will for someone who is going to share your business financial information, bank account, client base, etc. Additionally, keep in mind how the decisions will be made and what the “chain of command” will be and choose accordingly. While you will want to make sure your partnership agreement is in writing and legal, you will also need to make sure you choose someone with whom you can work with on a personal and intuitive level as well—not to mention someone dependable and responsible.