301 redirect vs getting backlink from a site

ToBeSomething

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I recently bought a website which was ranking well in my niche. I've added my main sites link to footer but it didn't show any good ranking benefits.

Should I 301 redirect the other domain to see some good SEO benefits? Both sites are ranking good for same keywords. But I want to improve ranking of main site.
 
How recently? It can take up to 3 to 6 months to see the results from a link.
 
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