Watch Partners - They can take your Business

Before you decide to jump into a partnership with others, think about a few things:

  • Investigate whether other partnerships you know of have been successful.

  • Do your homework. Find out about your own strengths and weaknesses. Check whether your personal  skills and resources are adequate or whether you'll need outside expertise. In other words, do your homework.

  • Be careful of associates and relatives. Your partners should be selected based on the criteria such as; their reputation, financial stability and expertise. Be careful about bringing in friends and family.

Here are some things to look for. Identify whether the potential partner you have in mind will suit your business.

  • Do they have the same interests in the type of business you are in?

  • Do they have the same culture, values and ethics as you?

  • Have they been in partnership before? How did that work out?

  • Are they happy with a written partnership agreement, rather than keeping things verbal?

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