Many first-time entrepreneurs look for a reliable business partner. A successful partnership needs to include consistent communication and the ability to support one another's weaknesses, according to Forbes.
To protect one's business interests, it is vital to understand when a partnership is a bad fit or has run its course. All business owners should be aware of the following warning signs, whether interviewing people to be partners or having already been partners for years. These qualities should serve as red flags.
1. They would not make a good friend
Ultimately, entrepreneurs should work with people they like. This does not mean a business partner has to become a best friend, but it should be someone who is friendly and personable. Any bad vibes a person gives off are probably warranted.
2. They refuse to grow
Businesses should always consider implementing new technologies. A little bit of healthy skepticism is fine, but if a business partner refuses to change how things operate, then the company is going to suffer. For growth to take place, an organization always needs to show a willingness to grow.
3. They work for themselves
Everything done by a company's management should be done in the best interest of the business. Unfortunately, some people only look out for themselves. A business owner should always know what his or her partner is planning.
4. They do not respect employees and colleagues
An organization relies on everyone's efforts to function properly. Everyone from new employees to heads of management is important. A business partner needs to understand that and value all contributions from all levels.
5. They cannot resolve conflicts
All business owners should expect arguments and disagreements at some point. However, good partners will be able to talk through these issues and reach an amicable agreement. Two partners need to be able to agree to disagree at the very least.