- Make an honest assessment of what you want from the working relationship.
- Discuss expectations candidly with your prospective partners.
- Put your agreement in writing – ideally with the assistance of a qualified attorney.
An Important Don’t:
Don’t leave yourself without an exit strategy in the event the relationship fails. When possible, formulate an exit strategy that doesn’t destroy the business. I talked about this topic, “When Business Partnerships Go Bad”, in a twelve-minute podcast interview with Steve Mullen of Start-Up BizCast. You can find the interview here. (It’s episode #30. My interview starts about 2 ½ minutes into the podcast.)