Finding a Partner

[Account Closed]

If you found a potential partner what do you do to ensure a successful partnership? What information should I be asking for to confirm they can provide their part of the financials and can follow through on our deals?

[Jerry W.]

@Account Closed, Welcome to BP.  I have done a few partnership deals with mixed results.  It is pretty hard to gauge how a person will be in a partnership if you have not done much business with them.  Sometimes you have to start off slow and see how it goes.  Unfortunately the real test is often when hard times come.  You don't truly know someone until you see them under pressure.  The best partnership deal I ever did lasted about 20 years.  A very big factor was an absolute open line of communication.  there were no surprises from the partner, when something came up the other was notified immediately.  All phone calls between up were either answered immediately of on the same day.  I was lucky my partner had a very strong work ethic.  It was important that we each supplied things of value to thew relationship and could count on each other.

I have had several other partnerships, one turned out to go well.  I liked and still like the guy, and he was very capable.  The problem was he was over committed for available time to put into the partnership.  On another deal communications were the lacking part and often it would be weeks between requesting information and getting it.

I hope this helps a little.