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Avoiding disputes by careful screening of business associates

| Jan 3, 2018 | Blog |

If your goal for 2018 is to invest in a new business, take on a partner or build some other business relationship, you may be eager to get started. These things take time, and you probably have financial benchmarks you want to reach before the year gets away from you. However, rushing into any business relationship can be disastrous if you don’t take the time to examine and investigate the candidates.

Entrepreneurs and other business-minded people have made regretful errors by ignoring the signs of potential trouble. On the other hand, there may be indicators that someone will be a perfect fit for your new business venture.

Worth a second look

Analysts have put a great deal of time and research into narrowing down a list of traits in people who make successful business relationships. While these are only indicators, you may find that someone with these characteristics brings more success to your project than someone who lacks such capacities as the following:

  • Discipline
  • Trustworthiness
  • Critical thinking skills

A business relationship with someone lacking self-control or good judgment may be disastrous. This doesn’t mean you are seeking perfection, and a person who is aware of deficiencies in these areas may also have a plan in place for overcoming them. This is why taking the time to carefully screen potential business associates is crucial to your success.

Run for your life

Business advocates say you should not underestimate your gut. If you have a feeling when you meet someone that something is not right, you may be wise to step away, no matter how much money is in hand. You may be reluctant to reject someone who has made past mistakes or even engaged in wrongdoing, especially if that person has made amends. However, some negative traits may help you determine if you should move on to the next candidate, for example:

  • Telling stories of unfair treatment
  • Blaming others for mistakes or failures
  • Relying on you to do all the thinking
  • Flattering you
  • Thinking only of their convenience
  • Lacking passion or initiative

It may not be easy to recognize these signs right away, but if you are aware and on the lookout, you may catch a glimpse of your future if you continue in a relationship. A combination of lacking positive qualities and possessing negative ones is likely a red flag you don’t want to ignore.

In the event you find yourself in a business relationship with an associate who is not working out, you may wish to seek legal advice on the best steps to take to separate from the other person with the least damage to your business. Such disputes can be unpredictable, and having a New Jersey legal advocate may provide you with an advantage.

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