How to Choose A Business Partner

Your business is growing and you decided to branch out and bring on a partner!   People bring on partners for many many varied reasons. It might be just because you  are lonely, or you think that if someone else took on 50% of the responsibilities the business would flourish even more, or even that you hope someone you think is smarter than you are will save the business with their fabulous knowledge….

When deciding to bring on a partner, it’s good to ask yourself these questions:

1. Am I doing it for the money?
2. What are they contributing that I cannot?
3. What business tactics, systems or connections are they bringing to the table that will benefit us?
4. Would I partner with them if I had all the money in the world?
5. What is their best attribute?
6. Do they have integrity?
7. What makes them as committed as I am to the business?
8. How did they react to the shareholder or partner agreement?
9. Do they have characteristics I don’t like? If so, can I live with them?
10. Do they keep and honor their commitments?

Taking an honest assessment of the questions is critical to having a successful partnership. Find a partner who compliments your skills and experience instead of a clone of yourself. Being in business is intimate and involves some of our most heartfelt dreams and aspirations. Choose your business partner with the same care and consciousness as you’d choose a mate!

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