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Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

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  4.  | Should I bring on a business partner?

Should I bring on a business partner?

| Dec 17, 2020 | business law, Business Start-Ups

There are many reasons you may consider adding a partner to support your company. You may notice areas where you need additional support. Your business may be gaining popularity, and it is time to expand.

A partner can be a tremendous benefit if you choose the right person but could add challenges if they are a terrible fit.

Here’s what you should consider as you decide whether you should bring on a partner.

Adding to your momentum

As your products or services rise in popularity and your business expands, your company may start to experience some growing pains. You may often wish there were copies of yourself so that you could support each area of your business without needing to triage problems.

If you need someone to help you maintain momentum, make sure you choose someone with experience in your industry. When you select someone who can hit the ground running, you can save time on industry-specific training.

Support where you need it

Every business owner has areas where they are weak. One of the ways to strengthen your company is understanding your weak areas with strong, knowledgeable people.

As you consider areas where you need extra help, think about what a supportive partner could add to the equation. Rather than spending your time developing weak areas, you can focus your time and talent on the areas that get you most excited.

Other alternatives

Adding a partner can also add complications, so you should also consider alternatives. Think about whether you have employees who could take on a more significant role but who would not need to have a stake in the company.

Suppose you need support in an area that only comes up intermittently. In that case, you may also want to consider a strategic partner, a consultant or another temporary employee to support your business.

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