Five Questions You Should Ask Before You Get Involved in a Partnership:
1. What is the credibility and integrity of your potential Partner – their track record, whom they associate with, their experience and connections.
(If they were wrong, did they admit it? And did they do it quickly. To handle a PR mess, you need to address both what went wrong and how the problem is being resolved. Is this your new partner?)
2. How can we test this relationship? Before embarking on it full force ask their database to see if they really committed to their values, what they promise due they deliver?. Perform spot checks.
(Value setting is a tough business, often fraught with multiple challenges and divergent agendas. But once those values are set, right or wrong, every person would be wise to communicate them and live them as though his business depends on it. Because it just might.)
3. What does each party bring to the table? Duties and responsibilities, management, communication.
4. How are the funds to be calculated for each partner? Gross? Net? Profit?
5. Is the effort with a partner worth the return / potential / relationship / exposure? How can either party end the partnership if necessary? Exit Strategy. Do I have a back-up plan for bad partner? Replacements, additions.