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Do you need a business partner who is different than you?

On Behalf of | Jul 29, 2022 | Business Formation & Planning

Your first inclination may be to seek out a business partner who is similar to you. After all, you and this individual are going to be working very closely together every single day after you start your company. You want to make sure that you can get along.

This is an important thing to think about, and some will even suggest not starting a business with someone you wouldn’t want to go on vacation with. You need to be able to spend time together, and having shared interests can help. You also need to have some shared goals and a similar vision for the company. 

Why differences matter

All that being said, it’s also important to consider your differences when choosing a business partner. For the sake of the business itself, these differences can be very important.

After all, two people who share all of the same skills aren’t bringing any complementary abilities to the company. If you’re both very good at marketing and design, for instance, your company could still lack focus in sales, research and development, customer support and many other areas.

Ideally, you and your business partner are going to have very different skills that the other person simply can’t match. Working together means that your business is able to succeed on all of these levels. Some overlapping skills can help, but too much overlap means that your business is still going to have outstanding needs.

Setting up a partnership agreement

After you determine who you want to start your business with, it’s important to use a partnership agreement and other documentation. Be sure you know exactly what legal steps to take.