More often than not, when business partners fall out it’s because expectations weren’t clearly established in the beginning. After you investigate the situation as I suggested in yesterday’s post…
It’s time to interview.
This is the only way to determine if everyone is on the same page. If the page is different, life will move on and you will avoid unnecessary drama down the road.
Here are the questions that you must ask any potential biz partner.
- What do you want to accomplish? What is your ultimate goal?
- How much time can you commit? Per week? Per month?
- How often do you want to meet?
- What are the other projects or businesses that you are working on at this time?
- Are you interested in working with me long term?
- What is our year one goal?
- What are your strengths? What do you bring to the table?
- What will your role be?
- Are you willing to take on day-to-day responsibilities?
- What do you expect of me as your business partner?
- How much are you able to invest?
- How are we going to split profits?
- How much will we keep in reserves for the business?
Once you’ve interviewed each other, then consider whether it’s best to test out the relationship in a joint venture, or if you want to move forward with an actual partnership.
The difference?
A joint venture is a limited arrangement, where more than one person or businesses come together for a specific project. A partnership exists when two people have agreed to actually own a business together.
A joint venture is like dating.
A partnership is a marriage.
If you are unsure about committing to your potential business partner after the interview…
Take them on a date first (joint venture), and save marriage (partnership) for later. Either way, don’t forget that you need a written agreement.
What other questions would you ask your future business partner? Share them below.
I would ask “what are your weaknesses? ” The answer will tell you a lot about your partner. If they say they have no weaknesses..I would run, not walk away. It means they are either dishonest or perfect (LOL)!
Great analogy with “Partnership/Marriage” vs. “JV/Dating”! Great content!
@9a990ac216368990b2393ab8855a7df6:disqus thank you for joining the discussion and checking the article out. Hope to see you on here again!
@disqus_sChbbke2n5:disqus that is a GREAT question. I totally agree that the potential business partner who can’t acknowledge weaknesses is probably not an ideal “mate.”