Reasons Not to Rush into a Business Partnership

Nina L. Kaufman, Esq.

Nina L. Kaufman, Esq.

Nina L. Kaufman, Esq., owner of Ask The Business Lawyer, is an award-winning business attorney, speaker, and Entrepreneur Magazine online contributor. She saves consulting and professional services companies time, money, and aggravation by serving as their outsourced legal counsel.

Posted on January 25, 2011 in Business Partners

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Not that I’m a big follower of the Kardashian sisters, but it always amazes me what people will stoop to for fame. 

Take Khloe Kardashian’s shotgun wedding to L.A. Lakers basketball player Lamar Odom.  Apparently, after a one-month romance, they timed their 2009 wedding with Kardashian sister Kourtney’s pregnancy—so that they could be aired in the same season.  (The E! television network, which airs Keeping Up with the Kardashians, paid for the 250-person Bel Air wedding).  Since shortly after the wedding, rumors have been swirling that the couple is on the verge of divorce.  This could cause huge complications for Lamar and his four children from a previous marriage, and Khloe and her … money.

We’ve all heard the stories (and seen the Jerry Springer episodes) where romantic couples, having married within nanoseconds of meeting each other, grow to realize that their partner:

  • Cheats
  • Has really annoying habits
  • Is completely irresponsible with money, or
  • Wants to a totally different lifestyle (you’d like time with the kids; your partner is a workaholic)

Whatever the reason for the disagreement, it’s very likely that with a little digging and probing questions, your incompatibilities could have been uncovered far earlier. Same thing happens with business partners. Entrepreneurs are often so taken with the first flush of start-up fervor that they don’t take the time to see whether their potential business partner will be right for them for the long term, or only the short-term.

There’s more that goes into the partner-screening process than you think, and you certainly don’t want to look in the mirror this time next year, realizing that you’ve hitched your wagon to an albatross.

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