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5 red flags your business partner will hold you back

Choosing the right business partner is one of the most important decisions that you can make. The right partner can take your business to new levels and help you find success that you would never realize without them. The wrong partner, however, can seriously hold you back and prevent you from succeeding.

So how do you know if you’re picking the right person? It can help to know what red flags to look for. When you see them, you know it may be wise to pick someone else.

Key issues to watch for when picking your business partner

The following are certainly not the only red flags to look out for. Trust your gut if you notice anything else, as well. But these can help you get started, and you’ll know what types of things to look for.

  1. You don’t feel that you can trust them. You will always need to micro-manage them to make sure they’re doing things properly.
  2. You have different values. It doesn’t have to be a matter of right and wrong. Simply wanting different things for the company may mean it doesn’t work.
  3. You have the same abilities and skills. It’s far better to have a partner who brings new skills to the business.
  4. You often have conflicts, and there’s no way to resolve them peacefully.
  5. Things do not feel equal. Maybe they benefit more from working with you than you do from working with them, or perhaps they expect you to do the bulk of the work — without taking most of the profits.

As you consider these issues while starting your business, it’s also wise to think about the legal steps you’ll need to take. This is especially true if you eventually need to resolve these disagreements.