Yesterday I talked about the potential hazards that come
with a business partner who refused to communicate. Today, I want to offer 3 big tips to help
you find the RIGHT business partner. These tips will prevent you from going
into business with someone who isn’t as dedicated to the concept as you.
1.
Ask your potential business partner what his or
her major goal for the company is in the upcoming year- then shut up. Don’t
lead with what your goal is. Instead, let him or her talk about their version
so you can get an idea about what similarities and differences you have going
into the partnership.
2.
Exit plan. You need to ask the potential partner
what he or she feels would be a good exit plan in case the partnership doesn’t
workout. This is a major mistake for business owners who jump into the business
bed together. They tend not to have an exit plan because they feel discussing this
isn’t positive. It is, however, needed. If you have an exit plan in place then
the stress of a failing partnership will not weigh upon the business.
3.
Ask the partner about three past challenges they
faced and how they dealt with them. Business is challenging. You will have
obstacles along the road. Asking this question will give you some insight as to
your potential partner’s communication style with clients and peers, moral aptitude,
and overall facilitation of the work environment’s culture.
If you go into a business relationship asking these three
questions, you will be better off and so will be your company.
Coco the CEO
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