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Why Do You Want a Business Partner… Honest?

Why do you want a business partner?  Some reasons are better than others. The important point is to  be honest with yourself first and then be willing to be openly honest with the partner you are considering.

The success of the relationship between you and your partner is usually the most important key factor to the success of the business itself.  Secrets and hidden agendas create bad ambiance in a partnership relationship and is not the way to start.

In my experience, all successful partnerships say that Trust is the most important element in the relationship. Trust is built on openness, transparency, commitment to each other as well as the business and is the basis for building it.

So are you able to tell your prospective partner that you want them because of their finances, their reputation, customer base, connections, skill set?

Can you tell them what you bring to the table even if you believe it is of lesser value for whatever reason?  This kind of openness will endear the right partner to you.  You can then, discuss the details including a fair differential in compensation.  Perhaps the differential will be limited in time and evened out as certain benchmarks are met.

All kinds of arrangements can be discussed and adopted when there is trust and respect based on open transparent communication, creating the foundation for a successful business.