8 questions to ask when forming a business partnership - Part 1

[ Blackboard Fridays Ep. 44 ]
by Jacob Aldridge Published

There's a phone call or email I receive most weeks, and it still excites me: somebody (client, alumni, or a completely new introduction) who has a fresh idea for their new business. As you saw in Episode 25, I can be a practical 'wet blanket' in encouraging these people to really test their new idea.

And that practical approach - built from my experience over many years - extends to the next part of their conversation: "I have a business partner ready to go!"

There are many reasons why businesses with multiple founders work better than solopreneurs ... and many people in successful businesses who will tell you never to take on a partner at all. So how do you know if having a business partner is right for you?

More importantly, how do you know if this person (or group) is the right person to partner with?

Watch today's episode, as we dive into the first 4 of 8 questions I encourage potential partners to ask each other, with some case studies. These are the key strategic questions where you need to know the answers are aligned. Next week we'll ask the 4 operational questions.

And as with testing your new business idea, these are just as applicable to a new start-up as they are to an existing business looking to bring on partners, or open new product lines or geographic channels using a partnership model.

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Jacob Aldridge
read more by Jacob Aldridge

Over the past 12 years, more than 300 active growth businesses in Australia, the UK, and Asia-Pacific have worked with Jacob in his role as an international business coach, partner and advisor.

As Director of Advisory at businessDEPOT, Jacob continues to work one-on-one with SME businesses and directors, while also leading the development of our Strategic Advisory services across Workshops, Group Programs, and Online business guidance.

Jacob's alumni clients and those who have attended his presentations describe him as the smart and quirky business guy who makes genuine change happen. He brings business experience that impacts both profit and valuation, plus a unique energy borne from the belief that business is best when it's fun.

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