If you believe that a partner is right for you, you must select very carefully. Here is the approach I would take.
Start with your own strengths.
Draft a job description for yourself first. Plan to continue doing what you do best. You'll want your partner to be someone with complementary skills and knowledge. Determine what role the partner will play in decision-making and operations. Remember a partnership does not have to be 50-50.
Identify the values you seek.
Whether this person fills the partner role or functions as a key team member, he or she will influence the image of the company both internally and externally. If commitment, integrity and honesty are important qualities, set criteria in advance for how you will determine if these are present in any individual you are considering.
Get the word out.
Let the people in your network know what you are looking for. Suppliers, customers and other associates may be able to make an appropriate referral, but use discretion and common sense when deciding whom to inform. Emphasize what's critical.
Have an open mind.
You may find someone who is an ideal working partner but doesn't have the money to invest. You may also find a potential investor who does not want to be a working partner. Finding the ideal working partner with money may be difficult. Be open to what makes the most sense for you and for the business.
Learn all you can about a potential partner.
Check references and credit history, even if you know the person well. This is especially important if the person will become an equity partner. Ask questions to determine the person's drive, motivation and ability to be a self-starter. You'll want to be able to hand over responsibility with confidence, knowing there is a clear incentive for the job to get done.....
taken from : http://www.primestrategies.com/success_articles.
Title : partnership
Description : If you believe that a partner is right for you, you must select very carefully. Here is the approach I would take. Start with your own stren...
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