Here are the five big questions I like to ask myself before considering working with a new partner.
While not all partners are the best of friends, a partnership does mean spending a ridiculous amount of time with another person.
Do we agree on the vision?
Before working on any venture together, here are some things you’ll want to discuss: How long do we expect this partnership to last?
What is the end-goal for the partnership?
Even with a shared vision and common goals, multiple captains trying to drive the ship will ultimately be unsuccessful.
And while you might assume that the most common issue is that both partners want to lead the charge, in my experience, the more common issue is that neither partner wants the responsibility of taking control.
And even with one of the partners taking control, there are going to be plenty of situations where the other partner is driving a specific part of the business and making the bulk of the decisions.
I see it all the time—two novice investors, best friends, same background, same vision, looking to partner up to build the next big real estate empire.
Next time you’re considering partnering, ask yourself these five questions, and I have a feeling you’ll know what to do.