Business Partnership Evaluation Process

You are only as strong as the team with which you surround yourself. The Business leader that assembles the best teams with the strongest contributing members are always the most successful. It is VITAL that you surround yourself with the right people, as it WILL directly determine your level of success, income and happiness

The main question you must ask yourself…Is a Partnership the Right fit for you?

Compare a business partnership with a marriage. Before a couple gets married, more than likely they spend months and sometimes even years dating and getting to know each others’ personalities, dreams and goals. Once the couple is comfortable and ready to emerge into the next phase of their lives together, they make the ultimate decision to get married.

If you think about it carefully, the same holds true for business partnerships. In a partnership, it’s equally important not to rush and commit without adequately getting to know your “partner” and weighing all the options. Just like a good marriage, you want your business partnership to last, Divorce is painful and expensive

3 Good Reasons to consider a partnership

  1. Your potential partner has skills, contacts, or experience that you don’t have.

Your potential partner must have skills, contacts, or experiences that you cannot obtain without a partner, (if you can obtain these without a partnership then you don’t need one)

  1. You feel personal enjoyment working with and just being around him or her.

Your quality of life is enhanced greatly by working with this individual

  1. That person pushes and challenges you to be the greatest person you can be.

This individual is eager to help you grow – both personally and professionally, challenging your ideas and the way you think. This partner would be a positive influence on your business and your life in general.

Reasons Why You Shouldn’t Partner

  • Fear of doing it alone
  • Friendship
  • Potential Partner has done similar deals in the past
  • Potential Partner enjoys the industry you are in
  • Agent or licensed professional in the industry

Why Partnerships Fail

  • Not enough time put into the relationship and what each party will bring to the table.
  • Different goals
  • Different expectations
  • Unequal Roles and Responsibilities
  • Lack of Communication
  • Personality Conflicts
  • Incompatible Strengths and Weaknesses
  • Different Attitudes
  • Unequal Commitment and Value
  • Financial needs
  • Core value differences

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