Forming a business partnership can open up new doors for your company. Two small businesses or large companies may complement each other and become stronger in the process. If you are a business owner shopping for business partners, consider the following top 3 keys to finding one.
1. Do Your Research
In order to find a good match for your business, you must be diligent when shopping for business partners. Don’t allow your first impression to override common sense. If a prospective partner seems great on paper but doesn’t value your vision, you probably won’t work well with that person or business. Continue exploring the possibilities until you are sure that a prospect is the right one. View their social media pages, research them generally online, and contact their references for more information.
2. Examine Financial Records
A possible partner should have a solid credit history, to start. When interviewing those who could be good business partners, get verification of their credit ratings, request information regarding their sales records, and ask whether they have outstanding debt. If someone you’re considering cannot manage his or her finances, or the finances for their business, this person could create financial problems for your company. It might also be more difficult for your combined business to obtain loans and lines of credit, so think carefully before you form an alliance with anyone.
No matter how ideal a new partnership seems, always protect yourself and your brand. Talk to a lawyer about ways to protect your assets should a lawsuit arise in the future. Also, be clear with your partner about what your brand means to your customers, so you may preserve its integrity.
If you require financing to fund an alliance, contact Value Capital Funding today. Once you have interviewed business partners and chosen one that suits your needs, we can help you get the financing to run your combined company effectively.