15 Questions for People Who Are Considering A Partnership

Is the person you are considering the right one to be your partner? Here are some important questions to ask each other before you sign an agreement.

Suggestion: It is better to answer them alone, in writing before you discuss them out loud preferably in the presence of an unbiased trained observer who can point out the subtle differences important to note.

Another suggestion: After you have answered each question, go back and answer them again in much greater depth. Allow sufficient time and don't do it all in one
sitting.

1-Why do you want a partner?

2-Why do you want me as a partner?

3-What strengths will you bring to this business?

4-What strengths do you think I am bringing to this business?

5-What is your vision for this business?

6-What personal goal do you want this business to fulfill?

7-Where do you want to be in 3 years? 5 years? 10 years?

8-Should we be equal shareholders?

9-How will we resolve disagreements?

10-What do you envision will be the area from which you will derive the most satisfaction from this business beyond financial success?

11-What will be the area of most stress?

12-How will this business change your life?

13-What areas do you suspect are the most likely for problems to appear between us?

14-Which of your traits will most likely be a source of annoyance to me?

15-What about me will most likely be a source of annoyance to you?

Choosing a partner for business is as complex as choosing a partner in marriage. The shocking stats are that 70% of all partnerships don't make it. Therefore, it is important for you to know as much as possible about each other at the outset. Just like in a marriage and life in general, there will always be situations and times you could not have predicted. Having a coach help you develop tools for communicating and dealing with the business while tempering emotions and diversions of attention is a wise and cost effective insurance on your financial and emotional investment.