What are your business partnering tips for avoiding a bad partnership?

Yes, that is a long title.

Have you successfully or unsuccessfully partnered with someone?
What is your advice, tips, or story?

 

business partnering is like a marriage partner.
Trust and Loyalty is its Top Requirement.

 

You need to make sure that you really know who someone is before entering a business partnership with them. You also both need to be very clear about your expectations and what you will or won't compromise on.

 

Yea....

1. Make sure you even need the partnership to begin with. Too many people confuse business relationships with personal relationships. And too many people think their self worth is greater than it actually is. I've had too many people over the years want to partner with me because they see value in ME but they offered very little value to ME. Those are leaches. Avoid the leaches.

2. Come to agreement and have a signed contract with all involved parties. Never go outside the 4 corners of the contact. That will keep things clean and legit.

 

Sound advice.

 

When looking for a partner I believe that it is important to find someone that can bring a lot to the table, money or experience, but also keep in mind that you are basically marrying this person. This means that on top of finding someone to contribute, you really need to make sure that this person gets you and the idea. Some of the best partners you can find will be not only those who bring value to your project, but to your life. Find a person that can be your bro all the way, but is responsible to admit when he makes mistakes and is willing to let you know when you've made one. The law aspect of it is important, but lets be honest... We don't all have fancy lawyers at the beginning of a project to draw up contracts, so again this is why you need to make sure the partner you get has value, same vision and enjoys working with you. Otherwise it will always be a downhill battle.

 

Avoid a headache, run the business on your own. Grow it until you're able to hire someone. You can hire them, you can fire them. You can't really sever ties with a business partner if things go south. Not without a major headache.

 

Yeah, I think you're right. Good tip!