Don’t trust anyone just yet: Due Diligence is a must with a potential business partner.
Some of you might know that currently i’m very sour on Business Partners, and you might wonder why then the podcast on vetting a partner?
So you can learn from my mistakes, trusting someone is not enough anymore we must learn what our partner is all about, do they have the same goals as you do, are they trustworthy? etc.
On today’s show I talk about a few ways to vet your potential partner, and to be honest I wish I had done this myself, I would have saved tons of grief and stress. The article below gives you a step by step process on what to look for in a business partner, I added a couple myself.
Please!! Don’t think that you shouldn’t partner with anyone, I’m just talking of what I went through and should have done.
If you and your partner are aligned with the same goals, then go for it, don’t let a sour puss like me ruined it for you, just always do your due diligence, it won’t hurt to do so.
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Thank you Gerri Detweiler for this guide.
In this article Gerri dives into ways to find out about a potential business partner, I added some extra ways myself.
- Credit check, if they have a business you can check with Dun & Bradstreet, remember, whenever we need a bank loan, the first thing they check is our credit, Landlords do the same thing, check our credit history. So asking your potential partner how is their credit shouldn’t offend them.
- If you feel you must partner with them, try a joint venture agreement, which is one deal, and if you feel you can go forward with this person then…..
- Put everything in writing with a lawyer, if you both can’t afford one, then look towards Legal Zoom, which I have used before, have your doc’s notarized after you both sign the operating agreement of the business.
- Did you meet your future partner at a meetup? networking event?, or some other business function, maybe they know people at these events, ask questions about them, see what type of feedback you’ll get, this can help you cut out some of the middlemen and base your decision on what you learned about them.
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