Partnering can significantly enhance the value you bring to the market. Aligning poorly though can be misery. Below are questions to determine if a business partner is the right fit.
1. Does the person bring high-value skills that complement your own?
2. Does the person bring credibility, experience, and respect?
3. Is the person financially stable and generally free of other encumbrances on time and talent?
4. How does the person solve problems, make decisions and react to obstacles?
5. Does the person believe in and value your skills, personality style, and vision?
6. Is the person confident enough to offer ideas and helpful criticism, but open-minded enough to debate professionally and be convinced of better ideas?
7. How do their past partners view them?
8. What is your exit plan if things don’t go as intended?
9. Are they motivated by something besides money?
10. What are the 3 traits you like least about them?
Make it a point to ask these questions and write out the answers prior to working together. It will not only help you avoid a costly mistake but will advise on structuring a formal partnership agreement.