by anthonycaliendo
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How to Choose a Business Partner

• 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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