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Starting a new business is always a risky endeavor, and in some cases, partnering with someone else can lessen the risks. Yet before you jump at the opportunity to join forces with your best friend or a family member, there are some things you need to consider.

In many ways, selecting a business partner is like selecting a life partner. It can be great if you have open communication, set guidelines and responsibilities, and establish a clear goal for the company. But be warned that a partnership can quickly turn into a headache if the business foundation is not in place to help it succeed.

So how many partners should you have?

While there is no single rule of thumb to answer this question, one needs to consider that the more partners involved, the greater the opportunity for disagreement and heated arguments.

In other words, the difficulty in sorting out the differences in opinion among the partners is directly proportional to the quantity of partners in the business. Yet, not having enough partners can leave a company lacking in key business functions necessary to sustain its growth and prosperity.

In most cases, an ideal partner should be someone who not only shares your goals and vision, but also adds something toward the fulfillment of those goals.

For instance, in technology business ventures, the founders may hold a large amount of technological knowledge, but lack experience in financial principles, management strategies or marketing techniques. To compensate for these shortcomings, a business can outsource some of these functions or engage in additional training and education. Nothing replaces firsthand knowledge about a vital component of your business.

In addition, a solid founding team should also have the ability to visualize and conceptualize the direction of the company. While not everyone can steer the ship at the same time, a clear vision will help unite efforts and reduce uncertainty about the allocation of resources. Without this vital component, businesses cannot achieve their full potential.

While no one likes to think about the idea of a business partnership failing, the truth is partnerships dissolve on a daily basis because of a wide range of factors.

Anyone looking to enter a partnership should always put an exit strategy in writing. That way, if one of the partners wishes to leave the partnership, there is a clearly defined method of separation. The last thing you want to do is leave that option open for interpretation. If you do, you might wake up one day and find that your old partner sold out to a complete stranger and you are stuck in a marriage you did not intend or approve.

Remember, partnerships when properly structured and thought out can result in the creation of a great business team.

Like any team, the whole is only as strong as the sum of its parts. After all, you would never marry someone you could not get along with, so why would you start a partnership with someone you could not work with?

"Business Tips" was written by Pedro Ramirez, Business Development Specialist and Certified Business Advisor II of Angelo State University's Small Business Development Center. Contact him at Pedro.Ramirez@angelo.edu.