Questions to ask your potential partner

We got a lot of questions and comments on our last post: How to choose your business partner.

1. “What do I ask potential partners so that I can KNOW if it’s a right fit?”

Well, no one realllllly knows whether it’s going to be a right fit, right away.

But, with open, honest communication we can have a sense of the partner’s motivations, goals and execution pattern. With that knowledge, you BOTH can create a solid plan of action.

Don’t forget. It. Is. Literally. A. Business. Marriage.

This week, we’re sharing David Finkel’s 30 MUST ASK QUESTIONS BEFORE YOU FORM ANY PARTNERSHIP*. It’s been a useful tool for potential partners to do this Checklist FIRST before pursuing any company together.

The results have always been enlightening.

Some potential partners don’t continue – and it was the BEST time, money and heartache never spent.

Some partners continue on to create a solid foundation for a company because of the real communication that came up.

CHECKLIST TO USE: 30 QUESTIONS: Use this questionnaire when you’re speaking to a potential partner who you may want to enter into a general partnership or a formal company as an LLC or Corporation. ​

2. “What if I already have a partner now, but we’re NOT on the same page?”

The best time to discuss your options is when you have ZERO money and ZERO commitment to each other.

The next best time is TODAY.

It’s never too late for tough conversations. It may be the best time spent to actually get re-aligned.

Grab a coffee (or something stronger) and do this checklist together. Allocate 2 hours for it. Come with an open mind and no judgment.

As always: Speak your truth now. Openly and honestly. Discuss your individual motivations and goals for the future. Call in an advisor to mediate if necessary.

3. “Does this apply to investors, as well?”

Depends on the type of investor. If it’s someone that will be just lending you money and not having any equity in the company – this might be overkill and not necessary. However, if it will be someone that is going to be an owner in the company AND have an active role in the operations, then it might help to do the checklist.

4. “I don’t need this. I like my solo lifestyle”.

Cool. Keep crushing it. Even if you don’t have a partner or aren’t looking for one yet, take a look at the questions so you are prepared when you ACTUALLY are looking for an investor or business partner. It also primes you to think about potential business partnerships with other vendors.

​Here’s the CHECKLIST again.​

To your success,

Sankeetha

CEO of Biztoco

*Information is for general, educational purposes only and is not intended to create an attorney/client relationship. Please consult your legal professional for specific questions to your particular situation*

** PUBLISHED ON: MAR 26, 2015 – www.INC.com