The timing is right for you to start a new chapter in your business life. You may not want to do it alone. Of course, working with Atlantic Business Brokerage means you’ll have a professional broker’s assistance with every step of buying a business. However, what if you and someone close to you want to embark on a new business together?
Perhaps you and a friend or family member want to become business partners and make the purchase together. With a commitment this big, you need to weigh the decision carefully before moving forward. Sharing business ownership can have plenty of pros and cons. Here are some top considerations to ask yourself before deciding to buy a business with a partner.
Are You Business Partner Compatible?
Don’t expect your close personal relationship to translate over the same way to a business partnership. The way business partners work together will be different from how friends or family can work together. While you might have established trust and knowledge about their skills, can you count on these traits to work in a business situation? You can have disagreements and arguments with loved ones, and these can get highly emotional. Will hurt feelings in joint business decisions cloud your judgment?
Are the Roles and Ownership Stake Defined?
Sometimes partnerships and buying a business won’t be equally split between the partners. One may supply the financial means while the other has the business skills and know-how. Define boundaries early as to what the partnership expectations are, and come to an explicit agreement on those terms.
Do You Have the Same Vision and Goals?
You and your business partner need to work as a team. When you both decide on buying a business and see the future stemming from that, is it the same vision? You and your partner must have a shared vision and goals for what you hope the business will achieve. The rest of your team will look to your unified leadership as two owners. Even with different roles or ownership stakes, having the same goals will keep your work dynamic focused on your business’s success.
Are You Prepared for the Unexpected?
The unexpected could be any number of things, but one of the biggest “what-ifs” to address is if the business must be sold or closed. Who is willing to relinquish their ownership, or how will you decide to move on from there? Not every business is guaranteed to succeed. No matter what the future holds, will your partnership withstand business difficulties and hardships? Are you willing to risk your friendship or relationship with your partner by going into business together?
Buying With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match.