How to Choose a Business Partner

Choosing the right business partner is critical to your business. A strategic partnership should be mutually beneficial: a win-win for you and your partner. You and your partner(s) should have different skills and expertise, and bring different benefits to the business and your customers.

  • Consider Your Options 

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  • Evaluate what each of you bring to your customers and the business.

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  • Do you share the same business goals and family values?

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  • Does your potential partner share your personal values and work ethic?

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  • Perform your due diligence: is your potential partner financially stable, are they involved in any lawsuits or legal liabilities, do they have a good reputation in the community?

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  • Establish your bottom line, deal or no deal. Know when to walk away: not every partnership, or potential partnership, will succeed. 

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  • Once You\'ve Chosen a Business Partner

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  • Make it formal. Put your agreement in writing with the help of an attorney so there are no questions about profits, decision making or percent of ownership.

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  • Be honest. Set up a regular communication channel, such as monthly meetings, to discuss the business and evaluate the partnership. 

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  • How will disputes be resolved?

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  • Can you buy out your partner or change ownership percents? 

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  • Under what criteria can the partnership be dissolved? 

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This checklist was created by anthonycaliendo

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