PARTNERSHIP: Questions to ask before you shake hands

Partnership: Questions to ask before you shake hands

Happy New Year! Hurray! Whoo-hoo! Yes, you are floating on "It's 2015!"  big ideas cloud. Honestly, we all are and it's a good thing. In fact, the feeling is euphoric and if the effect has staying power, one could be fueled with big ideas throughout the year. 

If your #BigIdea for 2015 is to bring on a business partner, I recommend that you take your time and do not rush the process. Partnerships can be the key to success or the gateway to hell. Too often people rush into partnerships for desperate reasons. 

• You need financial support
• You want to divide the workload 
• You are insecure in your own ability to succeed

The business of partnership should be handled carefully and wisely. If you are looking to bring on a partner or if someone wants to bring you on as a partner. I implore you to ask the following questions before you offer and or accept. Ask yourself the following and be completely honest!

• Why do I need a partner?
• What do I really want and need from a partner?
• Can I achieve what I want and need on my own? 
• What am I willing to give and or give up?
• How much time and money can I invest?

Ask the potential partner the following:

• Why do you think I want to partner with you?
• Do you feel I would be a good partner and why?
• How much time and money are you going to invest?
• One year from now what accomplishments do you envision for us?

Answering these questions truthfully will provide clarity and understanding for all involved. It it vital to know intentions upfront to prevent unwanted and unnecessary headaches, pitfalls and financial faults.   

A few red flags to be aware of:

• If the potential partner is uncomfortable with these questions or get defensive. It is safe to say that communication between the two of you will not be productive. If you decide to partner with such a person, you are setting yourself up for tiptoeing around difficult situations and issues. Tiptoeing and success do not mesh.

• You already have goals in mind. A good partner will foresee a few shared goals or at the very least have benchmarks of their own. If the potential partner does not provide and answer for future accomplishments, then you are not talking to a fellow leader. In business a leadership mentality is a prerequisite. 

• A worthy partner is willing to invest time and money. If bartering is on the table make sure the value is mutual.  

Your business is your brand and your brand is you. Ask as many questions as you can before you shake hands. Just keep this in mind... good partners compliment one another. 

Do you have a project or brand and need help with creative ideas, branding and or marketing? I am here to help. Feel free to contact me!

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