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Two things to look for when seeking a business partner

If you feel that you need to partner with someone to get your business to the next level, then there are two main things you should look for, a relationship based on mutual benefit and  someone with lots of "business" goodwill.

Relationship based on mutual benefit

Not only should your business benefit from the partnership, but your prospective partner should get something from the new business relationship. When a company wants to employ someone, they ensure that the prospective employee requires a salary that is lower or similar to what the company wants to pay, because there will be possible discontent if the person is hired and they are not being paid the salary they want. The discontent may lead to poor work performance in the future and the employee leaving the company earlier than both parties expected. When seeking a partner ensure that their expectations of the partnership are in sync with yours as the partnership may not last as long as you intended and the intended benefits may not be realized.

Someone with lots of "business" goodwill

For our purposes, goodwill is the value of a prospective business partners business apart from the physical assets they own. It can be just their popularity with their customers and community and all other intangible value of the prospective partner. Studies have shown that some cusotmers are willing to pay more for products if the company has high levels of goodwill. The higher the goodwill of your partner, the higher your goodwill will be and there will be increased possibility for higher revenues.

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