Family business is a great business model - when it works. There are many factors to consider, both business and relationship, before embarking on such an adventure. Hope the following tips help you make an informed decision.
The Top Ten Things to Look for in a Business Partner
Solid financial history
Proven track record
Good physical and mental health
Qualities of a Good Business Partner
Top Ten Agreements for Business Partnership
Activities (time off, outside interests)
How to form a successful partnership
Chose a partner whose strengths complement yours.
Establish a shared vision for the business.
Get the expectations of each other clear up front.
Formalize a partnership agreement with counsel.
Divide roles and responsibilities according to strengths.
Establish accountabilities for each role
Delegate tasks neither partner wants, as soon as possible.
Have planned meetings
Review results and make expedient operational changes.
Develop a system for effective conflict resolution.