The 4 Strategic Questions to Ask BEFORE Forming a Business Partnership

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The topic of “Business Partnerships” is a controversial one. Some people say you should never get a business partner. Others say partnership is critical to long-term business success.

Both arguments have merit – but when people go down the “absolute yes or no” route, I get bored and go to the pub.

I can’t tell you whether a Business Partnership is better or worse for your plans. But I can tell you, from experience, why so many Partnerships fail.

And it starts by not having the conversations they need to in advance. So that’s our focus for this week and next.

1. Blackboard Fridays Episode #44 – The 8 Questions When Forming a Business Partnership, Part I

One of the great privileges I have as a business advisor and coach is that when people have a new business idea, they often pick up the phone, give me a call, jump online and have a conversation.

I love those conversations. I love the excitement, the fresh energy of that pre-startup business.

Some times it’s somebody going into business on their own for the first time.

Often it’s a client of mine who’s been successful with their existing business and is now looking at how they can create new products, new businesses, and create that wealth portfolio. Often, one of the key conversations comes back to forming some kind of partnership.

And I’m not talking structural Partnership versus Company versus Trust kind of things. I’m talking about two or more people deciding to go into business together – and I say there are eight key questions that you need to ask and get alignment on before you want to go into business.

Whether that’s a new business, a business with your spouse, or bringing people up through the ranks of your business so that they become co-owners or partners in that business – there are 8 questions you need to commit to answering before becoming business partners.

In this week’s episode, we’re going to focus on the four strategic questions.

Watch the full video here. And let me know – have you ever gone into Partnership with someone, and not had these conversations in advance?

With love,

Jacob Aldridge
International Business Advisor

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