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.

 

Originally authored by Jacob Aldridge.