Going into business with someone is a huge decision. With both your financial health and personal reputation at stake, you need to be sure that you have all the facts before you move ahead.
Since it’s impossible to know if someone is being truthful about their history, background checks offer one of the best ways to protect your interests.
Reveal PI private investigators can conduct a background check on your business partner to uncover invaluable insights. Crucially, if there is anything on their record which could be a cause for concern you’ll be rightfully informed.
For anyone wanting to go into business with someone else, here’s an overview of background checks, and more importantly how they can help individuals to make informed business decisions.
What Is A Background Check?
A background check builds a thorough profile about an individual based on information about them which is held on various records.
As for what information a background check provides, this can include information relating to someone’s personal, criminal, financial, educational or employment status.
For instance, when someone conducts a background check on you, this is to ensure you meet certain criteria based on any potential threats or undesirable qualities.
Therefore, conducting such checks on someone else including current or potential business partners offers the same insights. It gives you the unique opportunity to answer any queries, particularly if there are any concerns about their character.
Reasons To Run A Background Check On A Business Partner
While there are lots of different reasons why someone would want to run a background check on a business partner, it’s a fair assessment that each reason relates to protection in some form.
Alongside your finances, there is also a need to protect your reputation and even personal relationships, which can’t always be guaranteed unless you’re in full possession of the facts.
Conflicts Of Interest May Not Be Declared
If you suspect someone wants to get into business with you for the wrong reasons, or if there is potential for another conflict of interest to occur, then as a business partner, you need to be the first to know.
Conflicts of interest are unique to each business, but can be financial, legal, operational, political or personal in nature.
As is often the case, conflicts of interest are not always declared. It could even be that the individual is not the cause for concern, but their spouse or other family members may be.
However, by conducting a background check, you can rule out conflicts of interest before they have the opportunity to cause serious reputational harm to your business.
They May Have Adverse Credit
As surprising as it sounds, if someone has a history of running up debts, paying bills late, owing money, bankruptcy or even has a poor credit score – they may not be too keen to shout it from the rooftops.
Anyone with adverse credit is a risk to your business, and potentially even your own credit score. In addition, unless any financial issues are long resolved, the individual may inflict a similar fate on the financial health of your business.
General Due Diligence
The simple fact is that due diligence is an important part of doing business. If you’re not completely privy to all of the information about a business partner, this potentially puts your investment at risk.
Similar to going to look at a house before buying it, or taking a car for a test drive first, background checks give you invaluable insights about someone.
This includes whether or not you should go into business with someone. Likewise, if the individual is an existing business partner, then any information that is of concern will allow you to take the necessary steps to best protect your interests.
They May Not Be Who They Say They Are
People can outright lie or choose not to fully disclose any information about themselves. This could range from qualifications they hold (necessary to the job position) or even their basic identity.
In any case, a background check will uncover all information held about an individual. This includes details such as their name, address, financial history or business experience.
In short, whatever information matters to the business partnership can be uncovered.
How To Run A Background On My Business Partner
On a basic level, you can search for their name online or even request they undertake a DBS check. That said, the information you might find could be quite limited depending on your search methods.
Instead, conducting a background check successfully depends on the right knowledge, tools and expertise.
Hiring a private investigator to run a background check offers a far more in-depth look at your business partner’s personal history. It is for this reason we would strongly encourage anyone who wants to protect their interests to hire a private investigator for the task.
Limitations Of Background Checks
When wanting to hire a private investigator in Birmingham or elsewhere in the UK, no two people will have the same amount of information recorded about them. This means that results can vary from person to person.
Also, if your business partner has ever used aliases, or if any information has been incorrectly recorded about them, their records may produce incomplete or unexpected results.
However, one major advantage of using a private investigator is that we can complete more intensive investigations on your business partner where needed.
Can A Private Investigator Help?
Absolutely. Reveal PI conducts background checks on behalf of businesses and organisations as well as individuals.
Our investigators work across the UK in locations such as Birmingham, Manchester, London and Liverpool.
To arrange a background check or for further information please give us a call on 0330 223 2933 or fill out our contact form.