Creating A New Business Partnership Checklist
Getting into business is stressful but a good partnership helps you weather many storms. But how will you find them? Who are they? Will it work? Use this framework to work through considerations for establishing a business partnership to be shared / used with people exploring this option.
How often should this be used?:
Ad hoc as required.
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Creating A New Business Partnership
Basics
Gain a general understanding of the purposes partnerships serve.
Learn the different types of partnerships that can be formed.
Weigh the pros and cons of partnership.
Find people or firms you can collaborate with.
Find potential partners through referrals by "gatekeepers" and colleagues.
Find potencial partners through contacts you make at meetings and events.
Business Partner
Shares your vision and enthusiasm.
Shares the same basic values.
Brings expertise in the areas in which you are inexperienced.
Understands the legal and financial responsibilities endemic to sharing a business.
Is a person with whom you get along.
Is appealing to potential investors.
Starting a Partnership
Engage in some of the other forms of business collaboration with your potential partner.
Draw up the business equivalent of a pre-nuptial agreement before you go into business with someone.
Have a plan for ownership changes with a buy/sell agreement in place.
Consider hiring a third party to do the books.
Maintain a significant barrier between work and play.
Examine and draw up guidelines for hypothetical situations that could later affect the business.
