How to Choose a Business Partner

  • Consider Your Options 

  • Evaluate what each of you bring to your customers and the business.

  • Do you share the same business goals and family values?

  • Does your potential partner share your personal values and work ethic?

  • Perform your due diligence: is your potential partner financially stable, are they involved in any lawsuits or legal liabilities, do they have a good reputation in the community?

  • Establish your bottom line, deal or no deal. Know when to walk away: not every partnership, or potential partnership, will succeed. 

  • Once You\'ve Chosen a Business Partner

  • Make it formal. Put your agreement in writing with the help of an attorney so there are no questions about profits, decision making or percent of ownership.

  • Be honest. Set up a regular communication channel, such as monthly meetings, to discuss the business and evaluate the partnership. 

  • How will disputes be resolved?

  • Can you buy out your partner or change ownership percents? 

  • Under what criteria can the partnership be dissolved? 

This checklist was created by anthonycaliendo

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